GOM to meet experts on GST simplification today
The ministerial panel, under Bihar Deputy Chief Minister Sushil Modi, on GST return simplification will meet tax experts and representatives from industry tomorrow.
As it looks to finalise a single-page return form for businesses under GST, the Group of Ministers (GoM) will seek views of the experts and representatives from businesses as to how they expect the return form to be.
As per the structure being worked out by the Centre and state officials as well as Nandan Nilekani, businesses having zero tax liability for six consecutive months may get to file returns only twice a year.
The return filing date will be spread out and businesses having annual turnover of up to Rs 1.5 crore will have to file return by 10th of next month, while others can file return by 20th.
The number of returns filed by both small and large taxpayers will be 12 in a year.
The GST Council, chaired by Finance Minister Arun Jaitley and comprising state counterparts, have asked businesses to file the summary returns GSTR-3B and final sales return GSTR-1 till June, following which the new system of return filing will come into effect.
Besides, the first meeting of the GoM on reverse charge mechanism under GST was held on Monday.
The GoM was constituted under Modi last month to iron out issues being faced by businesses under the reverse charge mechanism. The GST Council has kept the reverse charge mechanism in abeyance till June.
The law review committee, comprising officers from the Centre and states, had suggested reworking Section 9(3) of Central GST Act by bringing composition scheme dealers in the purview of reverse charge mechanism.
It also suggested that the Council should specify certain goods and services on which GST (Goods and Service Tax) will be collected through reverse charge mechanism and also specify category of taxpayers who should be paying taxes as per this process.
For unregistered dealer, the committee suggested collection of information based on PAN, Aadhaar or any other such identifier.
With regard to Section 9(4) of Central GST Act which required payment of tax by registered dealers in cases where he procures goods from unregistered businesses, the law review committee suggested doing away with the provision.
AMRG & Associates Partner Rajat Mohan said, “GST reverse charge provision needs rationalisation since it places unjustified compliance and cost burden on several categories of taxpayers, including small and medium size enterprises, NGOs, educational institutions, government organisation, religious bodies and charitable institutions”.
- Business Corner 22 Apr 2018 | Pioneer
- Aadhaar seeding must for bank accounts under KYC norms: RBI 22 Apr 2018 | PTI
- Big reforms made India fastest emerging economy: Economic Affairs Secy 22 Apr 2018 | PTI
- India's role to expand in Indo-Pacific region: IMF 22 Apr 2018 | PTI
- ‚ÄėNew Industrial Policy to boost manufacturing GDP‚Äô 22 Apr 2018 | PNS
- Getting more women into formal workforce is priority for India: IMF 22 Apr 2018 | IANS
- HDFC Bank net profit hits record 22 Apr 2018 | PNS
- Art 14 can be invoked if COC violates IBC, says NCLT Chairman 22 Apr 2018 | PNS
- SAT stays Sebi order of winding up Sahara MF 21 Apr 2018 | Pioneer
- Forex reserves at life-time high of $426.082 billion 21 Apr 2018 | PTI
Sunday EditionView All
22 Apr 2018 | PTI | Ahmedabad
A mild tremor measuring 3.7 on the Richter scale was felt in parts of south Gujarat, including Bharuch and Surat districts, though no damage was reported, officials said...
STATE EDITIONSView All
22 Apr 2018 | Staff Reporter | Kanker
The District Project Office, Rajiv Gandhi Shiksha Mission, Kanker had given a proposal under District Mineral Fund (DMF) for installation/ construction of special prefabricated school building structure for eight Primary and one Upper Primary Schools functioning at various locations of Antagarh, officials informed. The proposal has been sanctioned and now it is intended to start the work as soon as possible and complete it before the start of new academic session,...