Simplified GST to benefit small business: Tax officialsUpdated: Dec 07, 2019 20:49 IST
Businessmen, traders, importers and chartered accountants were informed about the new simplified Goods and Services Tax return filing process during the ‘Stakeholder Feedback Diwas’ organised at the GST office in Lucknow on Saturday.
The simplified return filing process was approved by the finance ministry in November and is scheduled to be implemented in the country in April next year.
“Filing of GST return has been simplified keeping in mind small businesses with yearly turnovers of less than ₹50 million,” said joint commissioner Ganesh Chandra Yadav who chaired the session.
GST was launched across the country in July 2017 and replaced a slew of different taxes. Its implementation was aimed at simplifying the tax collection process. However, the tax filing process was considered cumbersome by many.
Sukhwinder Singh, a businessman in Alambagh area of Lucknow, said, “Every businessman is ready to file GST return but the system is too complex and demands a lot of time. We are hoping that the simplified return filing process will make it easier for us.”
Now, tax officials said, small businesses would be required to file quarterly, not monthly, GST returns.
In the simplified format, the compliance cost for small businesses would also be less, they said. For businesses filing zero return, the same would be possible through an SMS, said officials while giving a presentation and making a live demonstration on filing GST return.
“As tax officials, it is our mandate to establish communication with the stakeholders and inform them about the change in the return filing process. The seminar was held with this purpose,” said assistant commissioner Avijit Pegu.
“The session was also an opportunity for us to get feedback from the stakeholders. The feedback collected will be sent to the GST Council for implementation and to mitigate any troubles being faced by the traders,” he said.