As you are aware, the Group of Ministers (GoM) headed by Bihar Deputy Chief Minister Shri Sushil Modi on Tuesday, April 17, 2018 at Vigyan Bhavan, New Delhi has proposed two models for simplify the return filing process under the Goods and Services Tax (GST).The panel met the industry representatives, tax experts and the state tax officials on simplifying the return process.
The GST Council, headed by Finance Minister Shri Arun Jaitley and comprising state counterparts, last month discussed on two models of GST returns and suggested that the GoM would discuss further simplification.
The group of ministers (GoM), led by Bihar Deputy Chief Minister Shri Sushil Modi, had a day-long meeting with stakeholders on Tuesday. Differences surfaced over provisional credit to be given to tax payers. Stakeholders will now give their comments in a week to the GoM which will then be sent to the GST Council.
Basically, the GoM zeroed in on two models of simplification of returns. One of them is a model, prepared by Infosys co-founder Nandan Nilekani, which suggests that the seller uploads all invoices and the buyer acknowledges these invoices. Based on this, the buyer would get credit for tax paid on inputs. No credit would be available if the buyer claims there are some missing invoices.
The other model also talks of the seller uploading the returns. But, it also talks of provisional credit even if the invoice has not been uploaded. But, if the seller disputes that transaction, credit will be reversed at a later stage.
The vexed issue with respect to simplification pertained to providing provisional input tax credit to the taxpayers and whether it must be linked to tax payments made or not. But, there was broad view that fusion of the two models be adopted, Modi said. He did not specify what the fusion model was.
Basic Principles Behind Return Simplification Exercise:
- Reduction in number of Returns to One Return per month.
- No to-and-fro movement of invoice data
- Simplicity of Return design
- Continuous upload and viewing of invoices
- Safe guard the tax revenue
- Follow business practice
The government is making all efforts for a new simplified model for GST return filing as per which credit could be given on a provisional basis once the supplier uploads the sales invoice. The model for simplified return filing would safeguard the interest of revenue to the exchequer, and avoid inconvenience to the taxpayers.
The Government is looking for Suggestions/Inputs/Feedbacks on Simplification of Return Filing under GST. In this context, the Indirect Taxes Committee of PHD Chamber is organizing "An Interactive Session on Simplification of Return Filing under GST" on Monday, 23rd April 2018 from 04:00 pm – 06:00 pm at Lakshmipat Singhania Auditorium, PHD House, New Delhi.
We hope that the session will serve as a platform to open intellectual discussions and to enhance awareness about the significance and challenges faced by Taxpayers in Return Filing under GST.
We would be grateful to you for your kind presence for the session and request you to kindly make it convenient for being with us.
Eminent tax experts shall be addressing the participants on the Session include:
- Mr. Bimal Jain, Chairman, Indirect Taxes Committee
- Mr. N K Gupta, Co-chairman, Indirect Taxes Committee
- Mr. Puneet Agrawal, ALA Legal
It would be our privilege to have your participation in the above Session. Your presence, we are sure, would further enrich and add value to the deliberations. We shall appreciate if you also depute your senior colleagues from Finance / Taxation Division to take part in this Session.
THERE IS NO PARTICIPATION FEES
PRIOR REGISTRATION IS MANDATORY
Your confirmation may reach us by email at
kanishk.tyagi@phdcci.in/mariamma@phdcci.in / shikha.bhatt@phdcci.in/taranjeet.singh@phdcci.in
You are also requested to provide inputs/comments/suggestions related to the above mentioned subject latest by 23rd April, 2018 by 12.00 Noon. Your valuable inputs/comments/suggestions will help us in consolidating and timely submissions to the Department.
Event from : 23 April 2018
Event to : 23 April 2018
Events Venue : Lakshmipat Singhania Auditorium, PHD House, New Delhi
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