The Finance Ministry on Tuesday notified the format for filing annual Goods and Services Tax (GST) returns. With this, the uncertainty over filing the return is over and now assessees will have to file the first annual return by December 31.

There are two sets of forms, one for normal assessees and other for composition scheme assessees (Those with annual turnover up to ?1 crore). In the said notification, the Government has tried to make things simpler unlike the draft which was quite bulky and more complicated. It has also designed new formulae for calculating the turnover, similar to the erstwhile regime. Tax officials feel that that new forms are concise and more practical. At the same time they will help in ease of doing business.

Talking about the forms, MS Mani, Senior Director, Indirect Tax, Deloitte India, said the notification of new form is good for businesses as they will have clarity about compliance of not only indirect, but also direct taxes. “This provides windows for reconciliation of the relevant details of GSTR and Income Tax Return. In those cases where transfer pricing provisions are applicable, a reconciliation in respect of data submitted in Transfer Pricing report can be burnt with data submitted in GST annual return.”

The last date for filing income tax returns by corporates is September 30, while that for Transfer Pricing is November 30. Now with last date for GST annual return being December 31 will provide enough opportunity for businesses to get their data matched and avoid inconvenience.