The all powerful GST Council after its meeting yesterday cleared revised rules for GST returns. It also released formats of returns to be filed under GST. (Download GST Return formats)

Under GST, primarily a tax payer is required to file following:
1. GSTR 1- Details of outwards supplies of goods or services
2. GSTR 2- Details of inward supplies of goods or services
3. GSTR 3- Monthly return

Tax payers under composition scheme is required to file quarterly return under GSTR 4.

What remains a huge concern for the industry is release of return formats such late in the hour and expecting industry to get system/ ERP ready before July 1.