Preparing GSTR is no FUN. Filing them multiple times a month make us cry, isn’t it? But now, Govt has finally approved the new easy return filing process.
Here are the new GSTR filing rules from July:
1. You will have to file only 1 GSTR per month (except for a few small taxpayers).
2. If you have no purchases, no output tax liability, and no ITC, then you have to file one “Nil” return once in 3 months.
3. If your turnover is more than Rs. 5 crore, you need to file GSTR once in 3 months instead of once in a month. However, you need to make a monthly payment of taxes on a self-declaration basis.
4. While filing returns, you can’t verify whether your vendor has uploaded the invoices.
Benefits of the new simpler GSTR filing process:
1. The return is mostly automatically filled making the entire process easy.
2. For a year, it’s only 12 GSTR returns to be filed instead of 24. This reduces a lot of effort.
3. You can now easily be GST- compliant than ever.
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