GET Stock QuotesNews18 APP
News18 English
»
2-min read

CII Seeks Easier GST Compliance Procedures in Budget

CII also stressed upon the need for designing a fool-proof and effective return filing system where seamless and speedier input tax credit (ITC) can be availed by the recipient, as against the current requirement of filing three GST returns.

PTI

Updated:January 30, 2018, 11:13 PM IST
facebookTwittergoogleskypewhatsapp
CII Seeks Easier GST Compliance Procedures in Budget
Image for representation. (Network18 Creatives)
Loading...
New Delhi: Ahead of the Budget, industry chamber CII on Tuesday sought redressal of issues related to GST compliance including filing of returns, matching of invoices and getting timely input tax credit.

According to the chamber, simplification of Goods and Services Tax (GST) compliances would result in higher number of returns filed, increased collection of revenues, and easier working capital management by trade and industry. The GST Network (GSTN) functioning and return filing formats could be tweaked to ensure acceptance of invoices, it added.

CII also stressed upon the need for designing a fool-proof and effective return filing system where seamless and speedier input tax credit (ITC) can be availed by the recipient, as against the current requirement of filing three GST returns.

The landmark tax reform was introduced on July 1, 2017.

In a statement, CII said it is in agreement with the proposals presented to the GST Council by Nandan Nilekani, former chairman of the Unique Identification Authority of India and chairman, Infosys.

"If the buyer accepts supplier invoices on the GST System, this automatically determines the input tax credit. In the proposed model, there will be no mismatch or reversal," the statement quoted Nilekani as saying.

"Currently, the buyer is responsible for ensuring tax payment by suppliers to avail ITC. Mismatch in invoices due to filing errors leads to funds being held up. A successful model should align with the natural business process," Nilekani added.

He further suggested that the proposed process will offer multiple channels for upload and acceptance of invoices and filing of returns.

Small taxpayers with no automated accounting systems can view and accept pending invoices directly on the portal, and SME taxpayers with some level of automation can use Excel- based offline tool to download, compare and accept pending invoices.

CII had earlier recommended similar measures for easier invoice matching at the time of initial release of the Model GST law.

"The recommendations made by Nilekani seem practical and are expected to be business friendly for the successful transition to GST," CII said. It also suggested trials and tests before introduction of such a system.

Further, to keep the system simple, it is also suggested that uploading of invoices with total amount with GSTN of recipient should suffice instead of invoices at line-item level.

Acceptance of invoices by buyers and suppliers as per normal business process should be used for ITC payment. This will pave the way for smoother implementation of GST and simplification of return filing system, which it turn will enhance tax revenues towards a successful Good and Simple Tax, the industry body said.
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Dewan Housing 393.90 +43.35 +12.37
Yes Bank 226.40 -0.10 -0.04
Bajaj Finance 2,260.80 -118.60 -4.98
HDFC 1,718.70 -120.70 -6.56
Maruti Suzuki 7,793.05 -247.10 -3.07
Company Price Change %Gain
Dewan Housing 393.00 +41.45 +11.79
Yes Bank 226.25 -0.80 -0.35
Maruti Suzuki 7,795.85 -243.70 -3.03
Bajaj Finance 2,259.35 -125.25 -5.25
Sun Pharma 623.70 -11.80 -1.86
Top Gainers
Company Price Change %Gain
TCS 2,198.45 +95.30 +4.53
Coal India 281.15 +5.90 +2.14
Infosys 718.25 +12.95 +1.84
Tech Mahindra 751.45 +13.40 +1.82
Reliance 1,232.05 +14.55 +1.20
Company Price Change %Gain
TCS 2,198.70 +94.90 +4.51
Coal India 281.45 +5.80 +2.10
Infosys 717.30 +11.00 +1.56
Reliance 1,232.30 +15.45 +1.27
NTPC 168.30 +0.95 +0.57
Top Losers
Company Price Change %Gain
Indiabulls Hsg 981.95 -80.20 -7.55
Eicher Motors 25,852.80 -2,087.40 -7.47
M&M 896.05 -63.85 -6.65
HDFC 1,718.70 -120.70 -6.56
IndusInd Bank 1,674.20 -88.25 -5.01
Company Price Change %Gain
M&M 895.40 -61.80 -6.46
HDFC 1,721.05 -114.20 -6.22
IndusInd Bank 1,674.65 -87.05 -4.94
Adani Ports 345.75 -16.25 -4.49
Bharti Airtel 357.50 -14.90 -4.00

Live TV

Loading...
Loading...