FM Calls for Meet to Sort Out GST Grievances with Tax Practitioners

In the midst to scenario where tax governance is concerned over the issues of GST, Finance Minister Nirmala Sitharaman has called for a meeting of tax practitioner association, MSME sector representatives ICAI representatives collectively to talk about the kind of grievances each group is facing and what is the solution for the same?

In the meeting, practitioners will keep a mirror of the system issues faced by the tax department with regards to managing GST compliance The small businesses are unregistering from GST due to high compliance cost. But no worry, SAG Infotech brings some great ideas for reducing compliance cost. Read More. The GST Network too will accumulate space in the meeting. “This exercise, along with the different steps being suggested by the various internal committees of the department, aims to further simplify GST forms and make the filling process more user-friendly,” statements from the desks of FM’s office said.

MSMEs are the true victims of this complex GST compliance structure Have a look at the major issues/problems being faced by Indian people after the GST roll-out. We have enlisted reports and research as collected from the several sectors. Read More and are asking for amendments that could release them from difficulties of return filing. Return filing asks for a lot of time and requires every month maintenance of business accounts on the part of small traders.

The government is looking forward to enhancing the refund mechanism which could speed up the grant of the refund to bonafide taxpayers. Influentials conveyed that the automated GST refund mechanism which allows payment of refund within 60 days of return filing had raised expectations of the money flowing back within a week, and the same is the case with payments related to the export of goods.

While GSTN and the government’s Public Financial Management System are coming together to speed up refund granting mechanism, the system still needs to stabilize as the two are equally relevant. The official said these issues would be sorted out over the next few days.