Apparel March 2020 Apparel March 2020 issue | Page 49

REPORT
crores, then he will have to fill GSTR I on a
quarterly basis. Therefore, in a year, he will have
to fill up a total of four forms. However, if his
turnover is above R 1.5 crores in the preceding
year, then he will have to fill a monthly form. But,
in this case, he will not be filing GSTR I. Instead,
he will be filing GSTR IIIB. The form will have to be
filed and submitted by the 20th of every month or
he will be charged a late fee.
The new return has changed the turnover
amount from R 1.5 crore to R 5 crores. Applicable
from April 1, 2020, multiple return forms, such as
GSTR IV, V, VI, VII etc, will be replaced by GST
RET I which will include two annexures, GST
ANX 1 and ANX 2. These forms will be filed by
all categories of taxpayers. Mr Deore went on to
explain how revenue invoices according to the
previous law could only be uploaded at the time
of filing returns of outward supplies, and how they
have been replaced by a new system, that would
upload revenue invoices on a real time basis.
Another point to be noted is that according to the
old law, where input tax credit would have to be
claimed by self-declaration, the new law dictates
that the input tax credit can be can be claimed
once the invoices have been uploaded.
Mr Deore also stated that if a taxpayer loses
his invoices or wants to amend an invoice, then
he can claim those by filing an Amendment
Return as compared to the previous law where,
he could only file for such a return in the following
tax period. He also informed that as per the new
law, registrations will be suspended in cases
where the tax payer has applied for cancellation
of registration. No returns will need to be filed
during this period, as opposed to the previous
THE NEW RETURN HAS
CHANGED THE TURNOVER
AMOUNT FROM R1.5
CRORE TO R5 CRORES.
THIS WILL BE APPLICABLE
FROM APRIL 1, 2020
law which stated that tax payers would have to
keep filing GST return until their registration would
be cancelled.
These new laws will now help taxpayers
analyse and experience the practical aspects
of the simplified GST return. Users can now
also share feedback or suggestions with the
introduction of these newly-set laws. Mr Deore
thanked the association for arranging the
workshop for its members.
APPAREL
I
March 2020
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