Statement from Harpreet Singh, Partner, Indirect Tax, KPMG in India –
Approval of key Rules
GST Return Rules, Return formats, Credit Mismatch Report etc. were finalized and released by the GST Council today. Some of the key changes are:
o
style="font-size: 12pt;">Dealers are now not required to report invoice wise HSN code details but only a summary of HSN details needs to be reported in the GST Returns
o Further, as per the revised rules, if Invoice is raised in the same month in which the advance is received, then there is no need to report both the transactions separately.
Without this change, one was earlier required to report the advance separately and then subsequently report again when the supply took place, thereby resulting into dual reporting of the same transaction. This has been now done away with, which is a welcome move
