Infosys is now geared up to release a new GSTR filing form in order to simplify the IT return form for the business units as ordered by the GSTN Group of Ministers (GoM).
According to the details revealed by Bihar Deputy Chief Minister Sushil Kumar Modi who is also the chairperson of ninth GSTN GoM meeting, there will be only 13 return forms instead of currently 37 return forms.
The statement said that “It will be a single-page return form and will be approved by the GST Council in the next few days.”
The simplification efforts are done in the view of mounting GST return forms every month and the complexities within the form taking more than resources and time of the businesses in the process.
When acknowledged the revision of GST return form, many experts from the industry mentioned that “Reporting and maintenance of accounts were a challenge, but this is a good step.”
There were some of the other issues stuck within the pipeline associated with the GST tax rates and software which is complained to be non-friendly in terms of operability.
Infosys was the software company who won the Government contract and developed a software which helps in observing a large number of tax evaders. In this regard, the CEO of a company mentioned, “The complexity and ambiguity will be removed, coupled with the time and effort to file would reduce which are positives.”
However, the government is earning a handsome amount of lakh+ crores of GST revenue collections, still, it failed to recognize the errors and started working on it.
CAIT complained the GST software for being irresponsive at times, still, the Infosys had managed to done all correctly.