Next GST Council meet may liberlise rules, revamp filing process

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Next GST Council meet may liberlise rules, revamp filing process

In an effort to simplify tax compliance taxpayers and increase government revenue, the Federal Indirect Tax Organization Goods and Services Tax (GST) Council has a report to improve the return filing process and liberalize the rules.

Quoting a person familiar with development, the Livemint said in the report that the central and state government officials will finalize the proposal on meeting on 27th February in the capital.

The Council's 26th Meeting, held by the video conference, is expected to take steps that will make it easier for small businesses and traders to follow.

It is noted that small businesses and traders are responsible for most taxpayers. The report of taking action is based on the recommendation of panel headed by Vinod Kumar, Chief Commissioner of GST, Karnataka.

In this meeting, the need to file a tax return in relation to purchases and remove all the returns on all transactions is expected, instead, it will only retain the summary return for entering every month (GST Return 3B). It will be supplemented by the sale invoices uploaded, the report said.

As small and medium businesses and traders hold most of the jobs in India, especially in rural areas and create a politically significant constituency, the government would not want to fight against them.

According to the data available with the Ministry of Micro, Small and Medium Enterprises, there are 36 million such entities in the country, half of the rural areas are responsible for more than 80 million people and a third of the production. The report said.

The official said that for the transfer of new return filing system businesses will be given six to seven months of transit time.

Meanwhile, the GST Council report will have different deadlines for small and medium businesses, or SMEs, and large businesses.

With the current date of the 20th of every month to register compensation and pay taxes for sale in the last month, the government is facing more than a fortnight long time to get tax payments.

The idea is that large industries pay taxes on the 7th or 8th of every month and the Devlokas continue with the current timeline, this report adds.

It has been noted that the obstacles in the GSTN Portal, cumbersome procedures and documentation and the cost of compliance are a concern, which needs to be addressed to make Goods and Services Tax (GST) a success.

FICCI's survey stated that "Lack of reflective reflection of updated data and payment, delay in the process of input credit set, lack of uploading of heavy files of certain formats, and lack of provision to improve or improve the bugs makes use of major challenges for businesses."