finalized return simplification

This Week GST Panel to meet industry for finalized return simplification

New Delhi: The government-appointed panel on  Goods and Services Tax returns under GSTN chairman Ajay Bhushan Pandey will meet industry and traders this week to seek their views on the finalized return simplification process.

This committee is likely to submit its report to the Group of Ministers headed by Deputy Chief Minister of Bihar, Sushil Modi who will finalize their recommendations by the end of the month and will be placed before the GST Council, Pandey said.

The government had set up the Return Simplification Committee in November last year, to reduce the burden on the business, initial sales return GSTR-3B for filling three returns in a month.

In an interview of PTI, Pandey said that after the committee, the stakeholders will try to consult and a process will be started, in which the seller will upload the sales invoice on GSTN portal, it will automatically show it in its returns. “We have convened a stakeholder meeting in a week, we will seek views of industry and stakeholders, after that, GoM will consider and give its recommendation. The whole process is likely to be finalized in next two weeks,” he added.

The GST council, chaired by comprising state counterparts and union finance minister Arun Jaitley, will thereafter clear the new process of returns and GST Network (GSTN) will re-formulate its software with the new process.

“The concept of return filing process should be very simplified so that return filing becomes a part of the business process. As much as possible, the people do not need to gather information again and file returns.  Therefore, this is the reason that the whole issue is received from the invoice if most of the returns can be generated. This will be a great possibility of simplification, said by the chairman.

As much as possible, people do not need to gather information again and file returns. Therefore, this is the reason that the whole issue is received from the invoice if most of the returns can be generated. This will be a great possibility of simplification, “said the president.

As much as possible, people need not collect information again and file returns. So, that is why the whole issue is from the invoice itself if most part of the returns can be generated. This will lead to a great amount of simplification.

Initially, when GST was launched on July 1, 2017, the business has to generate simplified sales GSTR-3B Return and Final GSTR-1 (Sales Return), GSTR-2 (Purchase Return) and finally, two were required to be auto-populated to generate GSTR-3 Return.

As businesses complained about GST-2 filing on GSTN portal, in November, the council decided to record GSTR-2 and 3 in the range up to March. All businesses now file GSTR-3B every month. For every turnover of business up to Rs1.5 crore have to file GSTR-1 every quarter, while those with turnover over Rs1.5 crore have to file the return on the 10th day of the succeeding month.

The committee is looking at reducing the need to file three returns in one month and help the honest taxpayers with a simplified process.

“The system should be such that people who try to deceive the system and evade taxes, it should be easy for tax authorities to catch them,” Pandey said.

If businesses file GSTR-1, 2, 3, and also initial sales return 3B every month, then, the total number of returns in a year is filed by a taxpayer, up to 49 returns, which is the annual filing in the financial year Returns finished.

“We have to do it (simplify returns) as early as possible because the council has decided with regard to the filing of GSTR-1, 2, 3 only till 31 March. So before that, a new system should come in place so that we can implement it at the earliest,” Pandey noted.

“We have to do this (simplify returns) because the Council has decided with regard to the filing of GSTR-1, 2, 3 only till 31 March. Before that, a new system should be implemented so that we can get it earliest”, said by Pandey

He said GST Network, the company developing the IT backbone for GST, will ensure that businesses do not face any problem. “We will ensure that whatever solution we bring, it should for the convenience of businesses and also GSTN system should be able to handle”.

Pandey is the convener of the 10-member return simplification committee, while Manish Kumar Sinha commissioner (central excise) CBEC, is the member secretary. The other members of the committee include Udai Singh Kumawat (joint secretary revenue department), Upender Gupta (commissioner) GST, Prakash Kumar GSTN CEO and P.D. Vaghela (CCT Gujarat).

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