According to the recent poll organized by Dhruva Advisors, nearly 50 percent CEOs appreciating the Prime Minister Narendra Modi decision to implement the new indirect tax regime from 1st July across the country. Currently, the companies, industries and businesses are facing problems with the new tax reform but anticipated that it has long-term benefits. According to Mega CEO poll by CNBC-TV18, Even 68% CEO’s assumes that in coming 6 months the demand will get down due to the new tax regime whereas only 32 percent CEO’s say that the GST is beneficial for them and reduces burden.
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According to the poll, about 49 percent CEOs of giant companies said that they are facing issues due to the new tax reform but has long-term benefits. The GST Network is designed to submit forms, file returns and the payment of taxes, yet the system is not functioning properly owing to delay in filing returns. Businesses and traders are not happy with the implementation of new tax reform in India and they are facing difficulties in filing returns due to the technical issues at GSTN portal. Previously, in 2015, the government handled GST Network to Infosys to develop the portal.
In the meantime, 23rd GST Council meeting is going on in Guwahati to discuss the issues faced by businesses in filing returns. It is anticipated that the government will allow businesses to file returns quarterly instead of monthly to reduce the burden. To provide relaxation to Small and Medium Enterprises (SMEs) the council also discuss on the reduction of tax rates where the total taxation rates have increased, previously the goods were exempted from excise or charged lower VAT rates.
On 30th October, the deadlines for filing GSTR-2 and GSTR- 3 returns have been postponed by the government to 30th November to 11th December of July month. A penalty on deferred filings had been abandoned by the government for the month of August and September. According to the data at GSTN portal, a large number of business enterprises file their returns after the termination of the last date.
