Bihar Deputy Chief Minister Sushil Modi, who heads the Group of Ministers (GoM) to look into the revenue shortfall after the Goods and Services Tax (GST) roll-out, has said that the new GST return filing system will enable the traders to file returns in a single format once a month instead of multiple formats, reports NDTV.
Modi dubbed the new system as “GST-2” and said the GST council has decided that the new filing system would be launched from 1 October this year.
He said the deadline for implementation of the new system for big taxpayers above Rs 5 crore is 1 October 2019 while for the small taxpayers, it will be 1 January 2020. Modi added that prototype of the filing system will be made available from 1 July.
The Bihar Deputy CM said that new forms - Sahaj and Sugam - have been developed for different class of traders. He elaborated on GST-2 and said that when GST was designed, there were three return formats and one had to file 36 returns per month.
According to the report, Modi said that the new return filing system does away with all the problems as one has to file returns only once in a month.
"For big tax payers it is 12 returns a year and for small taxpayers, it is only four returns a year," he said.
Modi was in Bengaluru on Saturday (29 June) for a meeting related to the information technology initiative in the GST.