GST Returns Change For The Better, At Least For Taxpayers – MoneyMindz

By | 11/07/2018
GST Returns Change For The Better, At Least For Taxpayers - MoneyMindz

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During the 27th Goods and Service Tax (GST) council meeting, among many other things, a noteworthy proclamation was that the government had contemplated the idea of an abstract return filing system wherein input credit would be system driven. Gradual implementation of this system shall be done after testing, so as to give enough time for businesses to arrange for the accessibility of the system.

The previous year of GST has seen a lot of change for good when it comes to GST returns. From 36 returns to 12 returns per year, there has been a great improvement.  Those return filers who have no GST transaction file GST quarterly now, resulting in business conformity. It has also caused reduction in filing several returns and keeping in mi9nd several due dates.

Hence, when the single return process rolls out, return filing dates will be based on turnover. Thus, the onus on IT infrastructure will be reduced and assist not only the government but also the users by preventing delay and excuses for delay.

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Return filing has been visualized with three stages each of which lasts for around 8 months. In the first phase, GSTR-3B and GSTR-1 will continue as far as the IT infrastructure gets prepared.  In the second phase, sellers shall upload invoices on the GSTN portal and buyer shall continue claiming credit on self declaration basis. The new system, however, will inform the buyer about changes or gaps, if any, as per invoice upload by sellers. In the third (final) phase, provisional credit will be removed while the buyer shall claim credit as per invoices uploaded by sellers.

If enforced smoothly, the phased transition will be immensely favorably. The system will allow credit that is eligible. Buyers won’t be fined for sellers blunders. The government plans to make this user-friendly by allowing buyers view the invoices the seller uploads at any time without having to upload purchase invoices. This way, buyers can verify the gap between the credit they claimed and the credit actually allowed to them. Technology can be used to permit claim of input credit while redundant manual processes and form filing can be avoided. Agreement between varied forms can be avoided and the government and business firms can be benefitted and precious time can be saved.

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When convenient, sellers can upload their invoices. Thus, there is reduction of load on the system. This mechanism will enhance consent from within the members.

This clear system of GST returns would find approval among both large and small businesses. The two pillars of GST success are widespread compliance and favorable revenue growth. An uncomplicated system based on technology hopefully will curtail irrelevant notices. Officers can easily review filings and collections. This will impact the comfort of doing business in India positively.

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