GOVT CAN SOON ROLL OUT SINGLE GST RETURN PER MONTH

 

The Government is trying to soon roll out a single GST return concept to ease the burden on businesses. So, instead of filing 36 returns annually only 12 returns will be needed to be filed. In this type of return the supplier will submit the form and the alert will go to the buyer for acceptance or rejection. The underlying idea behind such move seems to be to move away from computer system-based matching of returns. Till the launch of such return form, the current arrangement will continue.

GST returns are the backbone of GST credit system, therefore such system needed to be simple and easy to follow. As soon as the new format is launched, the increase in compliance of GST law is expected to increase.

However, keeping in consideration the difficulties faced by the businessmen, the Government now seems to be more willing to provide the sufficient time to launch the GST provisions in phases. For example: Reverse charge mechanism and e-way bills.

The proposed move is expected to receive positive response from nation-wide businessmen and the BJP Government seems to hit its first gear towards preparation for 2019 elections.

For any queries/clarification you may contact

Bharat Poplani

B.Com, FCA, LLB

+91-9646380245