GST return filing is a main component of the overall goods and service tax regime as it aims to bring as many taxpayers within its ambit for a proper conversion of tax scheme into a fully functional economical framework.
And it is important for the simplification of GST return filing as soon as possible for a smooth functioning of all the business units and professionals.
The current procedure to claim the input tax credit is considered to be complex and burdensome as the taxpayer have to upload the invoices and then match it to the purchase receipts with the sales receipts.
Also, much protest has made the GST council to reduce the number of GST return filing to 25 returns per year from the earlier 37 returns, while the small businessman now has to file 17 returns per year.
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And from the recent draft proposed, the number of 25 return per year may come down to 13 returns with one return monthly and one annual return. It is said that the small taxpayer base may extend after the quarterly filing provision comes into existence.
With all these procedural changes, it seems that the large taxpayers won’t be affected but the small taxpayers will still have to struggle with the uploading of invoice and matching.
According to a tax expert, ” So far as reporting of transactions are concerned, there will be a relief for tax assessees. However, they have to continuously upload invoices and keep checking invoices uploaded by buyers.”
As soon as the GST return filing procedure becomes easy and operational, the taxpayers whether small or large will become joyous due to the restructuring.
However, one must also note down that the small taxpayers will still have to compliant with the GST return filing every month due to the mandatory return for sales and purchase.
With the introduction of the locking system, the recipient can lock the invoices filed by the supplier in order to get the input tax credit.
