(MENAFN- KNN India) New model of GST filing system in a single page to be rolled out soon
New Delhi, Apr 21 (KNN) In a bid to make the GST filing process simpler and smoother, a new single page GST filing system to be roll out soon as per which credit could be given on a provisional basis once the supplier uploads the sales invoice.
At Ministerial panel meeting, it has been decided by the group of ministers to bring the simplified version of GST filing system to ease the problems faced by taxpayers while filing the returns.
Union Finance Secretary Hasmukh Adhia informed the media that the proposed new single page GST return filing system will be in place over the next 3 to 6 months.
Seeing the leakages in the present GST system, the top finance ministry official said that the ministry is trying to plug the leakages issues with GST-1 and GST-3b.
He said that there are leakages but there is no perfect matching until the new system comes in place.
Last month, GST council discussed 2 models of GST return and suggested discussion by Group of ministers for further simplification.
One of the models presented before the council was provisional credit should not be granted unless the taxpayers file returns and pay taxes.
The second model stated that provisional credit could be granted to a taxpayer, but returns have to be filed within 3-4 months and taxes have to be paid or else the credit amount would be reversed.
At the end, meeting decided that the businesses would have to file only one return every month, instead of GSTR-1, 2 and 3 as was conceived earlier.
Also there was unanimity in the group of ministers that there would be no system based matching and purchaser would have to verify the invoice uploaded by the seller.
The number of returns filed by both small and large taxpayers would be 12 in a year, in place of 36 at present. (KNN/YV)
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