The meeting of GST Council Meeting held on September 9, 2017, as discussed in our previous blog has allowed us to look forward for various changes in GST administration policies, rate of tax and many others.
Earlier announcement was made for extension of date of filing of GST Returns Filing, which was a great relief for all the taxpayers, especially small businessmen and service providers. The sources now anticipate big changes in the GST Laws as the administration and implementation of the same has not been easy to taxpayers, especially the small.
Where the indication of reducing the rate of tax has already been received from the meeting of the council held on September 9, 2017, another great relief is expected for the taxpayers is deferment of GST Return Filings from monthly to quarterly.
Why changes are expected?
Need of these changes arises due to difficulties faced by the GST Registrants in filing the requisite returns on the portal. Multiple Return filings have caused hassle and difficulty in complying with the monthly filing requirements. Due to the tedious process for filing returns, there are almost 20 lacs taxpayers who are still left for filing the GST Returns despite of knowing the fact about the closing of window for filing the GST Returns within upcoming days.
PM Narendra Modi, in his latest Speech on the event of Golden Jubilee celebration of ICSI, relieves his concern over implementation of GST. During the event, he says that he has asked GST Council to identify the bottlenecks faced by small and medium enterprises and review the problems faced by the traders during the implementation of the GST laws. This convinces the taxpayers to expect proposed changes in GST Laws ensuring relief and flexibility with fruitful results for their businesses and revenue.
Here are the expected changes:
- Easier norms for claiming Input Tax Credit (ITC);
- Allowing large number of taxpayers to file Quarterly Return instead of multiple Monthly Returns;
- Reduction of tax rates as discussed on our blog: GST Rates recommended for Revision in GST Council Meeting
- Introduction of relief to exporters by resuming the advance authorisation scheme for exports under GST
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