sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
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
Latest Expert Exchange
« GST - Goods and Services Tax »
 GST can do a lot without troubling taxpayers
  Communication to the Central Excise/Service Tax Taxpayers on migration to GST
  Don’t wait for the last date, file GSTR-1, 2 and 3 within the prescribed period
 Streamlining of GST compliance fast becoming a long row to hoe
 GST is system-driven, human intervention-free regime
 TDS/TCS provisions under GST to come into effect from October 1
 Extension of Due Dates for filing of FORM GSTR-1 and FORM GSTR-3B in certain cases
 Govt waives off late fee on GST returns
 Goods And Service Tax (GST) Concept & Status AS On 1st September, 2018
 GST annual return forms to help check tax evasion
 GST: Finance ministry simplifies tax refund claim process for businesses to ease compliance burden

GST: Small firms may get time to file returns
September, 29th 2017

The Centre is considering a proposal from the industry to allow small firms to file quarterly returns even as they pay taxes on a monthly basis under the Goods and Services Tax (GST) regime.

This follows the troubles these small firms are having regarding complying with the GST norms due to their limitations in getting professional help, lack of connectivity and technological glitches.

Sources said discussions were on regarding the threshold limit for small firms who could be granted such a relaxation.

‘Lack IT infrastructure’

Chandrajit Banerjee, Director General, CII, said in a statement that, “filing of GST return may be made on a quarterly basis, as against the current monthly filing requirement as the MSME sector is still not well equipped with the IT infrastructure and a qualified manpower; this small measure will help bring them into the GST mainstream.”

The suggestion was made at finance minister Arun Jaitley’s meeting on Thursday with industry bodies and exporters to address their GST-related problems. The Federation of Indian Export Organisations (FIEO) raised demands including seeking exemption for merchant exporters from GST.

“Merchant exporters account for over 30% of country’s exports who usually work on razor thin margins of 2-4%,” FIEO said in a statement. “The imposition of GST has made their costing go haywire, particularly for products having higher GST rate, as they have to pay GST and seek refund after some time lag.”

They also wanted the Centre to expedite GST refunds to help them tide over the liquidity crunch. “... even in the best of situation, input tax credit refund would not be available before the first week of November,” FIEO said.

‘Financial wherewithal’

“Most of the exporters, particularly from MSME category, hardly have financial wherewithal to pay GST liabilities for three months without having refund in the meantime.”

“For ease of doing business especially for the MSME, provisional input tax credit period may be extended to 6 months from the current 2 months’ period; this will help cross matching of invoices through the GSTN portal and also save the blockage of the working capital for the small players,” said the CII’s Mr. Banerjee.

Institute of Company Secretaries of India (ICSI) Council Member Satwinder Singh said concerns regarding reverse charge mechanism (RCM) and refund were raised in the meeting.

“Under RCM, threshold exemption for payment of tax may be increased from the present ?5,000 to ?50,000 which shall help ease burden of excessive compliances especially for the MSME players,” the CII suggested. “Format of returns may also be simplified and only basic core details may be required to be furnished,” the CII added.

Representatives from KPMG, Amazon, Gems and Jewellery Export Promotion Council, Laghu Udyog Bharati, GST service providers, ICSI and Institute of Chartered Accountants of India were also present. FICCI, in a statement, said it wants the GST Council members to quickly address the issues that have been thrown up in the implementation process.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

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