India - Further GST Updates
In the 28th and latest meeting of India’s Goods and Services Tax (GST) Council the previously approved basic simplification proposals have been elaborated upon and clarified.
The main change is the official introduction of a single monthly return for all taxpayers (excluding small) that includes two main tables. Those being: a table for reporting outward suppliers; and a table for claiming input tax credit based on invoices uploaded by suppliers, which can be uploaded continuously by the seller and can be continuously viewed by the buyer for claiming input tax credit.
For small taxpayers with a turnover below INR 50 million (approx. EUR 628,000) there will be an option to file their return on a quarterly basis. The format of this return will be similar to the main return but there will be simplified forms for taxpayers making only B2B supplies and those making only B2B and B2C supplies.
In addition, a number of reductions in GST rates on various goods and services have been approved. This includes a reduction from 18% to 5% on the supply of e-books for which a print version exists.