Small GST payers are discovering that the proposed GST forms Sahaj and Sugam may create a new pain point in obtaining input tax credit (credit for taxes paid on inputs used). As of now, GST payers are grappling with the inability to rectify GSTR-1. It remains to be seen whether this problem will continue in the proposed forms.
The annual GST Return i.e. GSTR-9, in its current avatar, is seen as complex for small GST payers. There is some temporary respite available here. As reported earlier by TOI, the GST Council in its 37th meeting held on September 20 made it optional for taxpayers having an aggregate turnover of Rs 2 crore or less to file the annual returns for the financial year 2017-18 and 2018-19. For the current financial year, no such option is available.
However, a committee is likely to be set up to suggest simplifications. The due date of filing the annual GST return for the financial year 2019-20 is December 31, 2020. Tax professionals are hopeful that the annual return form will be simplified by then. “At present, the GST rules specify one format of returns for all taxpayers. They are required to file GSTR-1 for outward supplies and GSTR-3B, which is the summary return for sales and input tax credit.
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