Thursday, April 18

Tag: GST Filing

GST Council Approves Simpler Tax Filing System
INDIA

GST Council Approves Simpler Tax Filing System

The Goods and Service Tax Council (GST Council) has approved of a simpler tax return filing system under the new indirect tax regime and has also given approval for conversion of GST Network into a government holding as per information from Finance Ministry of India. The new return filling form will reduce the compliance burden for taxpayers involving submission of only one monthly return application and upload of invoices by the sellers. As per the GST Council, the existing GSTR 1 and GSTR 3B forms will be continued for next six months. After this period, taxpayers will need to file only one monthly return with composition dealers. On the other hand, dealers filing no tax returns will need to file only quarterly returns. The government has retained the right to cover dues for ...