Moneycontrol
Get App
Last Updated : Aug 23, 2019 10:04 PM IST | Source: Moneycontrol.com

GST 2.0: Simplified tax system on anvil, says FM

Finance Minister Nirmala Sitharaman said that the GST refund process will also be made seamless

Moneycontrol News @moneycontrolcom

Finance Minister Nirmala Sitharaman August 23 said the government is working to make goods and services tax (GST) filing simpler. Announcing a slew of measures to boost the economy, Sitharaman said GST filings would have fewer forms to make the process much easier.

GST launched on July 1, 2017, has more than 10 different forms for filing the returns. This makes it a complicated process since separate forms have to be used depending on the type of taxpayer (individual, non-resident, e-commerce firms among others).

“This (GST simplification) is really being worked upon. Soon, the GST (filing process) will have less number of forms. On the other hand, the refund process has almost become automated,” added Sitharaman.

Close

Each GST form is used for a different purpose. Further, every form has to be filed within a particular time period each month. Even for normal taxpayers, there are multiple such forms that currently make the process cumbersome.

Refunds under the GST process have also been a cause of concern. The finance minister said they are working to remove the glitches in the refund system.

Sitharaman said they will discuss GST Network on August 25 to look into the refund process and look at any glitches in terms of the flow of refunds.

However, if there are cases of the system being gamed or tweakings manually being done, there will be assured actions against those responsible, she said, adding, the key was to ensure the refunds don’t get delayed.

Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
First Published on Aug 23, 2019 07:04 pm
Loading...
Sections
Follow us on
Available On
PCI DSS Compliant