Complexity in GST Filing

Why is it in the news?
  • As per the tax analysts, the problems with the return filing form are so confounding that most filers won’t be able to meet even the new deadline of November 30.
  • Government has postponed the deadline for the filing of annual returns under the Goods and Services Tax (GST) for the fourth time.
Highlights of the Report
    • As of July 1, 2019, the third year of GST implementation had started and yet, tax filers had not been able to file the returns even for the first year.
    • The GST legislation requires the filing of the GST annual returns by specified categories of taxpayers.
    • There would also be GST audit if the turnover is more than ₹2 crore in a financial year.
    • Issues reported:
      (1) The annual return form- the GSTR-9 asks for a lot of information.
      (2) Such information was not required to be given in the monthly or quarterly return forms- GSTR-1 and GSTR-3B.
      (3) The values derived from the system does not always match with the books and a lot of time is wasted in trying to match them.
      (4) The annual return also requires tax filers to provide details of the transactions on which GST is not payable.
Source
The Hindu.




Posted by Jawwad Kazi on 4th Sep 2019
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