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Industry hails 2 month relaxation in return filing under GST
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SME Times News Bureau | 19 Jun, 2017
Hailing the Goods and Services Tax (GST) Council's decision to give
initial two months' relaxation in filing of returns, industry said that
the move will give ample time for businesses to prepare their IT systems
and comply with the new indirect tax regime.
"It will give more
time to traders to prepare themselves to comply with GST law,"
Confederation of All India Traders (CAIT) said welcoming the
announcement by Finance Minister Arun Jaitley after the Council's
meeting here on Sunday.
"With the objective of ensuring smooth
rollout of GST and taking into account the concerns expressed by the
trade and industry regarding filing of the returns in GST regime, it has
been decided that, for the first two months of GST implementation, the
tax would be payable based on a simple return containing summary of
outward and inward supplies which will be submitted before 20th of the
succeeding month," Finance Ministry said.
Aiming to provide a
sense of comfort to the taxpayers and give them an elbow room to attune
themselves with the requirements of the changed system, no late fees and
penalty would be levied for the interim period, it said.
"Much
needs to be done at the level of empowerment of small businesses with
technology as about 60 per cent of the traders still have not adopted
computerisation. It is a major challenge and government should devise a
way through which traders can make digital compliance as required under
GST," CAIT National President B.C.Bhartia and Secretary General Praveen
Khandelwal said.
Pratik Jain, Partner and Leader Indirect Tax
said: "Relaxation of time for filing initial invoice wise returns is a
welcome move which, to some extent, allays fears of readiness both from
Goods and Services Tax Network (GSTN) and industry's point of view."
The
GST council has offered relaxation in the timelines for filing the
invoice-wise details in GSTR1 for July and August. Such details can be
filed up to September 5 for July and September 20 for August. A summary
statement of self-declared tax liability is required to be filed in Form
3B by August 20 for July and September 20 for August.
Ansh
Bhargava, Senior Consultant, Taxmann.com said: "It is a welcome decision
by the GST Council on the filing as it would allow taxpayers to get
accustomed and adapt to the new system of taxation."
Archit
Gupta, Founder and CEO ClearTax, said: "The Council's decision to allow
flexibility in return filing has come as a welcome boon for many.
Businesses now have time till September to purchase and familiarise
themselves with GST-compliant software. Using the 2-month transition
period wisely will help businesses avoid unnecessary delays once all
rules and regulations are fully enforced in September."
Rajeev
Dimri, Leader, Indirect Tax, BMR and Associates LLP said: "This measure
should significantly help in assuaging the concerns of inadequate
readiness of GSTN being faced by the industry and confirms that
preparedness of GSTN will not be a roadblock for the implementation of
GST as was being anticipated by the industry.
"The Council
approved draft rules relating to advance rulings, appeals and revision,
assessment, anti-profiteering and fund settlement. With removal of major
road blocks on the pathway to implementation of GST, the deadline of
July 1 appears to be an absolute reality."
Jaitley expressed
confidence that GST laws from all pending states shall be in place by
the end of next week. He further announced that the official launch of
GST shall take place at midnight on June 30.
The Finance
Minister mentioned that further deliberations are required to reach
consensus on e-waybill rules. Till then, an alternate rule authorising
states to continue using existing systems for road permits shall be put
in place.
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