GST rules set to be simplified

GST rules set to be simplified further in Next GST Council Meet Which is held on 27 Feb through Video Conferencing

The 26th meeting of the council, held through a video conference, is expected to take measures that will make compliance easier for small businesses and traders, said the report.

A report states that in an effort to make GST compliance easier for taxpayers and to increase government revenue, the federal indirect tax body Goods and Services Tax (GST) Council can improve the process of filing returns and liberalize the rules.

On February 27, a meeting of the central and state government officials will finalize the proposal, before the Council will take it for approval on March 1, the person familiar with this development said on condition of anonymity. The 26th meeting of the Council will be organized through a video conference.

A report said that the council is expected to take measures that will make compliance easier for small businesses and traders.

The meeting is also expected to do away with the requirement of filing tax relating to the purchases and the comprehensive return on all transaction. It will only maintain the turnover summary return to be filled every month (GSTR-3B), on which information will be complemented by invoices of sales uploaded. That would be sufficient to provide the tax credit for buyers, whose transaction is reflected in the seller’s return.

Small and medium enterprises and traders in India have a large number of jobs, especially in rural areas, and form a politically significant constituency, which is formed after the polls
Being held in eight states are scheduled for later this year and national polls early next year.

In India, a large number of small and medium enterprises and traders contribute jobs, especially in rural areas, and a politically significant area is created, which the government does not want to antagonize when polls in eight states are scheduled for later this year and national polls early next year.

According to data available with the ministry of micro, small and medium enterprises, there are 36 million such enterprises in the country, half of them are in rural areas, accounting for employment of more than 80 million people and accounting for one-third manufacturing production, the report said.

The report citing the official said that businesses will be given a transition period of about six to seven months to migrate to the new return filing system, said the official cited earlier.

Meanwhile, the GST Council will reportedly have separate deadlines for small and medium enterprises, or SMEs, and large businesses. With the current deadline of the 20th of every month for filing returns and paying taxes for sales in the previous month, the government is facing a delay of more than a fortnight to get the tax payment. The idea is to let large businesses pay taxes by the 7th or 8th day every month and continue with the current deadline limit of SMEs.

It may be noted that glitches in the GSTN portal, cumbersome procedures and documentation are major areas of concern which need to be addressed to make the Goods and Services Tax (GST) a success.

A FICCI survey has said, “Problems like the delayed reflection of updated data as well as payments, delays in process of input credit set-offs, inability to upload heavy files of certain formats and lack of provision to modify or revise errors posed major challenges to businesses.”

Share It
Tags: , , , , , , , , , , , , , , , , ,
Previous Post
GST e-way bill system
GST News Latest GST News

GST e-way bill system may get implemented from 7th March

Next Post
GST Council to meet
GST News Latest GST News

GST Council to meet in March to usher in single monthly return


  1. I do agree with all the ideas you have introduced on your post. They are very convincing and can definitely work. Nonetheless, the posts are too quick for newbies. May just you please lengthen them a little from next time? Thanks for the post.

  2. great publish, very informative. I ponder why the other experts of this sector don’t understand this. You should proceed your writing. I am confident, you have a huge readers’ base already!

  3. Magnificent web site. Plenty of useful information here. I’m sending it to a few buddies and additionally sharing in delicious. And obviously, thanks on your effort!

  4. This is very interesting, You’re a very skilled blogger.
    I’ve joined your feed and look forward to seeking more of your wonderful post.
    Also, I have shared your website in my social networks!

  5. Not often do I encounter a weblog that is both informative and
    enjoyable, and let me tell you, you may have hit the nail on the head.
    Your conceptis excellent; the issue is something that not
    sufficient individuals are speaking intelligently about.

    I am happy that I found this in my pursuit of something relating to

  6. It’s actually a nice and also helpful piece of info.
    I’m glad that you just shared this useful info
    with us. Please keep us informed. Thanks for sharing.

  7. Awesome! Its actually amazing piece of writing, I have got
    much clear idea about from this post.

  8. Thank you, I’ve just been looking for info approximately this subject for a long time and yours is the best I have came upon till now. But, what concerning the bottom line? Are you sure about the supply?

  9. I think this is among the most vital info for me. And i am glad reading your article. But should remark on some general things, The website style is wonderful, the articles is really great : D. Good job, cheers

  10. I loved as much as you’ll receive carried out right here. The sketch is attractive, your authored subject matter stylish. nonetheless, you command get got an impatience over that you wish be delivering the following. unwell unquestionably come more formerly again since exactly the same nearly a lot often inside case you shield this hike.

  11. Awesome blog you have here but I was wondering if you knew of any message boards that cover the same topics talked
    about here? I’d really love to be a part of community where I can get feed-back
    from other knowledgeable individuals that share the same interest.
    If you have any suggestions, please let me know. Many thanks!

  12. I have been absent for a while, but now I remember why I used to love this site. Thanks, I’ll try and check back more often. How frequently you update your website?

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.