Simpler GST Module will be finalised on March 10

Simpler GST Module will be finalised on March 10
Simpler GST Module will be finalised on March 10

A lot of people are facing issues while filling GST returns. In order to make it suitable for all the citizens, a Simpler GST Module will be finalised on March 10. According to one official, The GST Council would look at finalising the module which is suggested by Nandan Nilekani.

“The biggest glitch now in the system is the GST returns. The GST return filing is being simplified. Nandan Nilekani has come out with a fantastic module and a committee has been set-up to discuss all of it and then submit a report.

Simpler GST Module will be finalised on March 10

Simpler GST Module will be finalised on March 10

In the 26th council meeting on March 10, they will most probably be discussing and finalising it” said by GST Commissioner M&E sectoral group M Srinivas on the sidelines of Ficci Frames.

In the previous GST meeting, the council decided to stop GSTR-2 and GSTR-3 Forms and filing of GSTR-1 and GSTR-3B would continue.

M Srinivas also agreed that the current return filing system is still complex for various tax payers and cost of compliance has gone up. The main reason is, people are unable to handle the current system of filing returns.

As per the suggestions made by Nilekani, instead of supplying invoices to be uploaded a module can be formed where all the supplied invoices can be posted and on the basis of invoice data given by supplier, the system by itself will generate the return.

Srinivas said, “So the system will become much simpler and them compliance levels would go up. This is the major glitch that is being addressed now”. He also said that the filing system would become normal in the next 3-4 months, probably by June 2018.

Changes occurred after GST

Due to the introduction of Goods & Service Tax (GST), the indirect taxpayer base has been raised up to 50% with 34 lakh businesses coming into the tax net. The GST Collections in July 2017. GST collections of total Rs 95,000 crore were made last year, which resulted in higher-tax rates and non-availability of refunds.

“The TRAN credit, credit existing in the previous regime, was not allowed to be taken and it was very heavy and the relevant TRAN 1 module was not ready on the GST network. Since the people could not take the earlier credit in balance and use it, everybody had to pay by cash.

Secondly, the tax rates were much higher and they were rationalised subsequently. Over 250 commodities tax were reduced and that of over 100 services as well” he said.

Later in November 2017, GST Collections reduced to Rs 80,808 Crore due to the arrival of TRAN, tax rated were decreased and continuously the refund was also provided.

M Srinivas also said, “The refunds were held for some time, so the manual processing of ITC accumulated on accounts of permission and this has enabled cash payment and that resulted in a deep slump”. Later again, the collections raised to Rs 86,703 crore in December and again raised Rs 83,318 Crore in January.

As per the reports, only 69% of returns were filed in the month of January, which are expected to rise higher along with the late payment fees.

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She is the Technical Advisor as well as content Writer at mylifejobs . she provides all the essential information related to blogs. She covers all the news related to GST (Good Service Tax). She is a traveler, explorer and tech lover. Also, she does the research work. Her interest includes writing, playing sports, reading and traveling to new and adventurous places. She loves technology a lot. Whenever a new mobile is launched, she will buy it.