In what could well turn into a pre-poll relief for traders and businesses, the Centre may opt to delay the rollout of the new format of simplified monthly returns for the Goods and Services Tax (GST). “This will have to be a decision by the GST Council. But given that businesses have struggled significantly with GST returns in the past, it may not be right to upset them, with State elections and more importantly, general elections just around the corner,” said two persons familiar with the development.
This could potentially mean that taxpayers under GST are likely to be allowed to continue with the current system of filing GSTR-3B returns until May or June next year. A final decision on the issue will be taken by the GST Council.
Finance Ministry and GST Network officials, however, said that work on the IT architecture and business processes for the new monthly returns is proceeding on track. “Everything is going as per schedule. We are making all preparations and have not been informed of any decision to postpone the rollout of the new returns,” said a person familiar with the development. The GST Council had, at its 28th meeting on July 21, approved the new simplified returns formats and business processes. All taxpayers, excluding small taxpayers and a few exceptions, will be required to file one monthly return with two main tables of details of outward supplies and input tax credits availed.
Read More at: https://www.thehindubusinessline.com/economy/playing-safe-govt-may-defer-rollout-of-new-gst-returns-system/article25648960.ece