News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
GST - Goods and Services Tax »
 Finding solution to GST conundrum
 GST: Dealing in international trade? You may not be classified as exporter
 E-invoicing, a game-changer for GST
 Hopeful of GST collections recovering in the second half
 GST Network to Release New Version of Return Filing Interface this Month
 Govt constitutes panel to suggest measures to augment GST revenue
 Govt set to crack down on GST defaulters
 New proposal to claim GST input credit may have significant impact on cash flow
 How tax compliance has evolved in India since GST's rollout
  Step by Step Guide for GST Enrolment for existing Central Excise / Service Tax Assessees
 Examination For Confirmation Of Enrolment Of GST Practitioners Guidelines For The Candidates

New GST returns filing system ready but govt may not rollout before polls
December, 04th 2018

The new simplified returns filing format, approved by the GST Council in July, was expected to be implemented by January 2019. But, recognising that any glitches in the rollout so close to the upcoming general elections could disproportionately amplify public disgruntlement and fan anti-incumbency sentiments, the buzz is that the Centre may push back the deadline, thereby offering a breather to traders and businesses.

"This will have to be a decision by the GST Council. But given that businesses have struggled significantly with GST returns in the past, it may not be right to upset them, with State elections and more importantly, general elections just around the corner," two people in the know told The Hindu Business Line. So taxpayers under GST are likely to be allowed to continue with the current system of filing GSTR-3B returns until May or June next year, but the final decision on the issue is yet to be taken by the GST Council.

Under the new system, all taxpayers shall file one monthly return, except small taxpayers having turnover below Rs 5 crore, who could opt for quarterly filing. The return is simple with two main tables - one for reporting outward supplies and one for availing input tax credit based on invoices uploaded by the supplier. Invoices can be uploaded continuously by the seller and can be continuously viewed and locked by the buyer for availing input tax credit. This process would ensure that very large part of the return is automatically filled based on the invoices uploaded by the buyer and the seller, thereby making the entire process less cumbersome.

Significantly, returns filed with the new forms GSTR-9 and GSTR-3C will also help tax authority to detect evasion and false claims under the GST. This is difficult to do in the existing forms GSTR-3B and GSTR-1 which have no provisions to match invoices.

"Even now, many businesses don't understand the basic concept of GST. Any new provision in the tax system takes time to grasp," Praveen Khandelwal, Secretary General, CAIT, told the daily. With traders still "confused" about the existing GST system 17 months after its launch, there's certainly a case to postpone implementation of the new system.

However, the Ministry of Finance and GST Network officials are reportedly denying any such pre-poll relief. Citing a source, the daily added that work on the IT architecture and business processes for the new monthly returns is proceeding as per schedule. "We are making all preparations and have not been informed of any decision to postpone the rollout of the new returns," the source said.

A clarity on the deadline for the new GST returns forms, whether it will be pushed to April 1, 2019, the start of the next financial year, or earlier may emerge after the next GST council meeting, likely in mid-December.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions