Taxpayers have shown preference for a simpler form of compliance. Instead they are saddled by a system that asks for intricate details of transactions.
The total number of GSTR 3B Returns filed for the month of August up to 30th September, 2019 is 75.94lakh.
GST was supposed to untangle the indirect tax regime and facilitate economic growth.
For small and medium cos, GST has also complicated matters because of various rates and processes.
Organised bicycles manufacturers on Monday said it has become difficult to hold onto their existing market because of the "rampant illegal practice of under-invoicing".
A state finance minister said the Centre had informed the GST Council, which met in Goa on Friday, about the expected shortfall at a time when economic growth has slowed down.
Filing of FORM GSTR-9 for taxpayers who (are required to file the said return but) have aggregate turnover up to Rs. 2 crore made optional for the said tax periods.
Filing of FORM GSTR-9 for those taxpayers who (are required to file the said return but) have aggregate turnover up to Rs. 2 crore made optional for the said tax periods.
The 15th Finance Commission has suggested that annual growth rate of 14% for compensation is too high and should be lowered for the remaining compensation period.
Small taxpayers get relief from filing returns for 2 yrs; no rate change for larger autos, biscuits.
Many bankrupt companies are complaining that the GST software doesn’t allow them to pay current or future taxes without clearing dues from earlier years.
The lottery industry, which is controlled by a handful of operators, is pitching for a uniform 12% levy and removal of tax on prize money.
The companies filed a writ petition in the Rajasthan High Court demanding that either GST be removed from such transactions or they be allowed to claim credit.
The fitment panel has blamed the current liquidity crisis and troubles of NBFCs for auto sector slowdown.
State governments and the lottery industry had represented to the GST Council on the issue earlier and it had set up a group of ministers to examine this.
The Goods and Services Tax (GST) Council, that consists of the finance ministers of Centre and all the states, decides on tax rates.
The GST Council could discuss raising 5% slab to up to 8% to make up for revenue loss.
Amid muted growth in GST collections threatening to strain the government's fiscal maths, the 15th Finance Commission will meet here on Friday with its advisory council consisting of leading economists, including Chief Economic Advisor K. Subramanian.
Tax experts said that the proposed move to dispense small taxpayers from filing annual returns would ease compliance burden and also help tax authorities focus on big assessees.
Alternatively, states will have to forgo a part of the compensation from the Centre for any “revenue loss” since the kitty is already stretched.
GST authorities have, based on the facts of the case, denied ITC claims, especially when the company was not distributing its own products.
During the meeting, it was suggested that this can be implemented in the first phase with merchants and then with customers, which should fast-track the overall implementation process.
The officials doubt whether tax cut will really address the real reasons behind the slowdown in auto sector.
Tax liability arises as legal definition of charitable activities is very specific
FinMin has begun crunching the numbers to estimate the revenue it would lose in the event of rate reductions.
The numbers are in line with the other disappointing economic indicators.
Taxpayers should not procrastinate and use the additional three months to ensure issues are sorted and compliances are met with.
Over the last two years, the focus of the tax payers has shifted from managing their business to tackling the compliance issues over the modest GST Portal.
Earlier, GST taxpayers were to file required returns by August 31.
To ease GST woes for the MSMEs FM announced that all pending GST refunds will be paid within 30 days.
The CAIT also said the GSTR 9 Form should be simplified to the extent that even an ordinary trader may be able to file the return himself.
One must accept the fact that delays in filing is not due to lethargy or non-compliance by the taxpayers. There are various clarifications, interpretations and technical issues involved.
The crucial aspect that taxpayers have missed is that reconciliation under the new GST returns system has a fresh approach, which calls for better systems integration.
There have been many cases of bogus billings, tax evasion and fake invoicing, according to PwC.
In absolute terms, the total tax collection during April-July of this fiscal year rose to Rs 3.56 lakh crore, as per the data accessed by .
The government has already sought suggestions internally on how to curb duty evasion.
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