Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
CO-PRESENTED BY
LIVE TV DownloadNews18 App
News18 English
»
2-min read

GST Filing: GSTN Chairman-led Panel to Consult Experts

GSTN Chairman Ajay Bhushan Pandey-headed panel comprises VAT commissioners of Karnataka, Gujarat, Telangana, and senior officials from the Department of Revenue and the CBEC.

PTI

Updated:November 21, 2017, 3:24 PM IST
facebookTwittergoogleskypewhatsapp
GST Filing: GSTN Chairman-led Panel to Consult Experts
Image for representation.
New Delhi: The committee tasked with simplification of GST returns filing will consult tax experts and trade bodies to make the process convenient for businesses that have minimal transactions, its chairman said on Tuesday.

GSTN Chairman Ajay Bhushan Pandey-headed panel comprises VAT commissioners of Karnataka, Gujarat, Telangana, and senior officials from the Department of Revenue and the CBEC.

"We are also discussing with experts and taking opinion from various other stakeholders as to what simplification could be achieved. The whole idea is that people who are nil filers, who have no sale/purchase transactions, have taken a registration for some future use, they should be able to file GSTR-1 and GSTR-3B by pressing just a few buttons. That is our ultimate aim," Pandey told PTI.

As many as 40 percent of the businesses filing returns on GST Network (GSTN) portal have nil tax liability.

The Goods and Services Tax (GST) Council had set up this committee on November 10 to suggest ways for simplification of the returns filing process. It has also decided to keep in abeyance till March 31 the filing of GSTR-2 (purchase returns) and GSTR-3 (the matching of sales and purchase returns).

Now, businesses will have to file simplified initial GSTR-3B forms till March, along with sales returns GSTR-1.

"The committee would look into simplification exercise because all (GST returns) are intricately connected," Pandey said when asked if the committee would focus on only GSTR-2 and GSTR-3 or all the returns under GST.

The committee will collect feedback from people, the trade and industry and study the whole system in detail and then come out with an appropriate plan.

"If people have very minimal transactions, they should be able to file both the returns in a manner without going through full complications. Therefore, the display of the forms will be based on certain questions and the questions posed to the dealer," Pandey said.

He added that the panel will also look into what information on returns should be taken and at what frequency.

Pandey said the ultimate goal will be to provide convenience to people so that those who are filing the returns can do so without any difficulty.

According to the data, 55.87 lakh GSTR-3B returns were filed for July, 51.37 lakh for August and over 42 lakh for September. Preliminary returns GSTR-3B form for a month is filed on the 20th day of the next month after paying due taxes.

According to the GSTN data, a huge chunk of businesses file their returns after the expiry of the due date.

While only 33.98 lakh July returns were filed by the due date, the number has now gone up to 55.87 lakh. Similarly for August, 28.46 lakh returns were filed till the last date, but the figure went up to 51.37 lakh later.

Also, for September, while 39.4 lakh returns were filed by the due date, the number is rising and was over 42 lakh till October 24.

Also, the Council earlier this month substantially lowered late return filing fees for businesses from the Rs 200 at present. Businesses with nil tax liability will now have to pay only Rs 20 as late fee for delayed filing of return while for the rest, the fee is Rs 50.
| Edited by: Aditya Nair
Read full article
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
 
 
Most Active
Company Price Change %Gain
Reliance 1,339.80 1.05
Indiabulls Hsg 807.75 -0.83
HDFC 2,114.50 -0.38
SBI 337.55 -2.07
Tata Motors 176.80 -7.02
Company Price Change %Gain
Reliance 1,339.75 1.08
SBI 337.55 -2.05
HDFC Bank 2,403.80 -1.20
Indiabulls Hsg 808.25 -0.35
Tata Motors 176.60 -7.05
Top Gainers
Company Price Change %Gain
Dr Reddys Labs 2,667.00 3.00
Bharti Infratel 276.10 2.43
Britannia 2,848.70 1.70
Reliance 1,339.80 1.05
Titan Company 1,244.40 1.04
Company Price Change %Gain
Reliance 1,339.75 1.08
Bajaj Finance 3,432.65 0.76
HUL 1,783.50 0.62
Top Losers
Company Price Change %Gain
Tata Motors 176.80 -7.02
BPCL 374.45 -4.43
Zee Entertain 347.70 -4.08
IndusInd Bank 1,447.75 -3.14
Adani Ports 387.60 -3.12
Company Price Change %Gain
Tata Motors 176.60 -7.05
Maruti Suzuki 6,857.80 -3.25
IndusInd Bank 1,447.55 -3.02
Bharti Airtel 330.80 -2.66
M&M 638.80 -2.36

Live TV

Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results