Other Topics – By: – Legal Raasta – Dated:- 25-8-2018 Last Replied Date:- 25-8-2018 – August 7th Tuesday, the Lok Sabha passed 4 new bills in an attempt to GST procedures with a focus on empowering the MSME (Micro, Small and Medium Enterprises) sector. The government is also targeting to plug loopholes in existing laws and lightening ROC compliances requirements described as complex by many a business owners. The new return filing system is expected to be put in place by the revenue department by January 2019 and would actively replace the current GSTR-3B and GSTR-1 returns. In addition to these, an attempt has been made for the empowerment of digital payments such as UPI with incentives via cashback offers. The Lok Sabha also facilitated changes in GST return filing forms and also helping in reducing the frequency of return filings for businesses. The bills passed by the Lok Sabha are Central GST(Amendment) Bill, 2018 Integrated GST (Amendment) Bill, 2018 Union Territory GST (Amendme
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inue to have dates of filling vary based on the turnover of the company. The simplified GST return filing forms have prospects for: Reducing Confusion among Taxpayers The government plans to introduce a modular approach in which the aim is to introduce many business types into a simple form. Various modules in one common return will facilitate the filing process for eg. One for traders and one for exporters. The one form approach will help taxpayers pick and choose their type of business module and go to a section which remains relevant to other traders. According to the finance minister This kind of a modular approach will help significantly in improving the compliance process too . 2. Decreasing the number of returns from 36 to 12 a year. Return filings frequency will drop and single return procedures will be introduced per monthly basis to help facilitate the compliance process. 3.One-Monthly return Barring a few exceptions like composition dealers, all taxpayers shall file one mont
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ment of tax by the seller, automatic reversal of input tax credit from buyer has been prohibited. Options have been put in place to make recovery of defaults in payment of tax by the retailer. In addition to this, however, special provisions have been made to address exceptional situations like the closure of Business, missing dealer or supplier lacking assets to return due payment. 7. Process for recovery and reversal Issuing of notice and order will be done in an online and automated process to reduce the human interface. 8. Supplier Side Control Sellers who have defaulted in payment of taxes above a certain threshold will be blocked from raising invoices to avoid misuse of input tax credit facility. Safeguards like these will be deployed for new dealers as well as addition, analytical tools would be employed to prevent loss of revenue. 9. Transition Transition to the new system will be achieved in three stages. Stage 1: Filing of return GSTR 3 B and GSTR 1. Stage 1 cannot exceed 6 m
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