In the month of November, a meeting was held by the Finance Minister with the industry representatives and accountants. The main purpose of the meeting was to get an idea of response in relation to the new GST forms. The new GST Forms are planned to be introduced from April 2020. The authorities who attended the meeting have expressed their opinions about the changes they want in the existing GST system.
The new system will focus on the areas where the tax payers are facing difficulty in filing their GST returns.
Meeting held on 7th December
Another important meeting was held on 7th December 2019, whereby, the GST authorities have discussed regarding new return forms. Various businesses, traders and tax experts were included from the country to express their views on new return forms. The difficulties faced in filing tax returns were discussed in order to resolve the problems before making new forms mandatory. It was for the very first time that tax-payers consultation on GST was done on such a large scale.
Introduction of new return forms
The new return forms are currently available for filing on one’s own will. However, by the beginning of new fiscal year, these forms will be required to be filed compulsorily by all the taxpayers.
The Ministry of Finance as well as the GST authorities aims to ensure the smooth functioning of the GST system. This is because the GST system has already experienced a backlash after its introduction in India in the year 2017. This has also resulted in the extension of deadlines many times for filing GST return forms by the respective taxpayers. Several committees of GST tax officials were also made in order to simplify the forms of return and reconciliation statement.
Many useful suggestions were received from the members present in the meeting held on Saturday. This initiative of the Finance Minister was widely welcomed wholeheartedly by all the entire tax related parties of the nation.
Benefits of the new return forms
The new return form will provide a number of benefits to the taxpayers and make the process of return filing hassle-free.
- Due to the early discussion of problems, the new return forms will be very much simplified and user-friendly. Thereby, it will be possible for the taxpayers to file their returns easily as the format will also be easy.
- The new return forms are expected to bring an easy in compliance and uploading of returns by taxpayers.
- Ease of compliance will automatically remove any possible hindrances in the trade and economy of the country.
- New system will help be cost effective and will save a lot of time and efforts.
- New return form system will help to increase the transparency in tax administration and prevent evasion of tax.
- The new return will help the taxpayers to file their return timely and before the expiration of the relevant due date.