USNMix Report: Changes in
rules from 1st April,
Again return Buy 1 Get 1 Free Offers.
Again return Buy 1 Get 1 Free Offers.
According to the new rules,
payment will be made every month but returns will be filed every three months.
After the changes in the
rules, there is news of relief for retail, FMCG and pharma companies. After the
implementation of GST on July 1, 2017 i.e. most companies had discontinued
offers including one by one free and one product and second product free. But
now retail and pharma are going to start such offers again. Now after cleaning
the government, the companies will start bringing these offers again.
Companies had closed these
offers after the GST was implemented. So far, the input credit on the free item
had to be reverse, due to which retail, FMCG, pharma companies had shut down
free offers. Meanwhile, the cleaning which the government has issued, will not
have to reverse the input. In such a case, the item will not be freely
considered to be the full price. Once this happens, the free offers will come
back again. Market experts believed that free scheme offers are essential for
marketing of products. So this decision has been taken.
The rules for filing GST
returns have been changed since 1 April 2019. Now it will work on three return
filing schemes, including intuitive, easy access. According to the new rules,
payment will be made every month but returns will be filed every three months.
This will reduce the cost of filing returns to the traders.
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