Simplified GST returns form in the works

Simplified GST returns form in the works

NEW DELHI: A new simplified form is in the works for filing goods and services tax (GST) returns and could be taken up for consideration at the next meeting of the GST Council.

“A new form incorporating best features of a ‘fusion’ of two models that have been under discussions will be prepared. This will also take into account all suggestions that have come from the stakeholders,” said Sushil Modi, Bihar deputy chief minister and chairman of the group of ministers tasked by the GST Council to look at the IT issues.

Addressing media after two day meetings to finalise the reverse charge mechanism and returns simplification, Modi said the issues ware discussed with industry stakeholders and a draft would be prepared to be taken to the Council for its consideration. The GST Council is the apex decision-making body for issues related to the goods and services tax that rolled out on July 1 last year. The new regime still faces some teething troubles. Modi said the best features of both the models – allowing for provisional credit and linking provisional credit to tax payments – were discussed at the meeting.

“Returns are the soul of GST as tax payments are based on returns,” he said, adding that the industry would get time for adoption of new forms. The GoM was set up following an outcry that GST return forms were cumbersome. The problem was compounded by glitches in IT interface leading to continuous deferral of deadlines. Modi said the current form GSTR3B would be used till the new form is adopted. On reverse charge mechanism, he said the GoM also discussed various issues, including whether it should be brought back, on how many goods and which category of tax payers should be covered. “These issues will be further discussed by the group in May,” he said.

Modi said some more states, including Madhya Pradesh, Tripura , Jharkhand, Bihar, Haryana and Uttarakhand, are looking to introduce intra-state eWay Bill from April 20 So far 1.22 crore eWay bills have been generated. State authorities have to also file verification reports. “So far 543 verification reports have been uploaded,” he said, adding that tax payers have filed 20 detention reports. Detention reports can be filed if a vehicle is detained for more than 30 minutes.

Source : https://economictimes.indiatimes.com/news/economy/policy/simplified-gst-returns-form-in-the-works/articleshow/63806048.cms

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