In the realm of Goods and Services Tax (GST), an introduction of new features and updates is a frequent affair. Recently, the Central Board of Direct Taxes (CBDT) has introduced new Tables 14 & 15 in GSTR-1, the monthly return that is to be filed by registered taxpayers. This article aims to provide an advisory perspective on these new introductions and their implications.
GSTR-1 essentially involves the detailing of outward supplies of taxable goods and/or services. The addition of Tables 14 and 15 is expected to streamline the process of GST return, thereby ensuring a more comprehensive and efficient reporting.
The introduction of Table 14 in GSTR-1 mainly caters to the export of services with payment of Integrated GST (IGST). Previously, service exporters were required to report such supplies under Table 6A of GSTR-1. However, Table 14 now relieves exporters of services from the previous system's cumbersome procedural requirements, enabling a more refined and simplified procedure.
Table 15, on the other hand, is catered towards the export of services without payment of IGST. With the introduction of this table, service exporters can now disclose their outward supplies in a more streamlined and organized manner.
The introduction of Tables 14 & 15 in GSTR-1 is a significant move towards simplifying the GST return filing process for service exporters. This advisory feature, aside from refining the system procedural requirements, also provides a platform for efficient reporting and better transparency.
The introduction of new Tables 14 & 15 in GSTR-1 is an essential update aimed at enhancing the efficiency of the GST return filing system. Service exporters are advised to familiarize themselves with these changes and modify their GST filing process accordingly. As we navigate through these changes, it is crucial to remain updated and informed for a seamless transition into the updated system.
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