In the last GST council meeting, Maharashtra brings 31 reforms within the state GST structure in order to ease out the business conduct, as according to the state finance minister officer.
The changes are considered for the first time since the implementation of goods and services tax and will be coming to the effect from 1st October. Department of Industrial Policy and Promotion released the Centre’s rankings in which Maharashtra slipped to the 13th rank from the previous 10th rank.
After the implementation of these newly introduced changes, the hotels, restaurants and traders are to expect a timely and quick processing of refunds as the processing would start from the date of filing and not from 31st March of every fiscal.
According to the official statement, “There is a sizeable number of traders who file their tax on a monthly or quarterly basis. The process of refunds as per the existing rules begins from March 31 and the period for refunds stretches to two years.”
While the rule for a single GST number has been changed and now the businesses can take multiple GST numbers as per their business requirements. Also, the composition scheme limit raised from 1 to 1.5 crore made some easy filing process for the dealers.
Tax consultants who are till now only servicing for GST return filing can now offer their services in deregistrations too and can initiate the process for refund claiming.
