Upcoming changes in GST return filing & GST online portal
GST has been the chest of confusion since its inception. With every new amendment & notification, Traders, Manufacturers etc. rides a roller coaster ride. This lockdown imposed by the government brought some stability & relaxations in this ride. This has given some time to the Government as well as registered & unregistered persons to understand the need of the time & improvements that needs to be made in the current system of filing. Multiple changes have already been brought in by the government in taxation statutes. Some of them are:
- Allowing E-Verification of Income Tax returns filed electronically for the AY-2015-16 to AY-2019-20 till 30th September, 2020
- Running a campaign by CBDT from 20th July, 2020 to 31st July, 2020 for voluntary filing of Income Tax returns for AY-2019-20
- Allowing assesse to undergo one time compliance in respect of Income Tax return for AY-2019-20 in respect of which no further notice will be received from the department in future
- Extension of due date for filing GSTR-4 in respect of composition taxpayers till 31st August, 2020
Since its inception in 2017, in the eye of the government, GST was supposed to be the ‘One Nation One Tax’. However in actual sense, Due to so many confusions, multiple amendments, technical glitches on the GSTN portal, assesse could not actually rip the benefits of these so called ease measures of this taxation regime. Since this lockdown period has given the government some time to think & implement the new changes, improvements that were needed, it is the correct time for assesse also to implement these changes in their business processes.
After starting the economy slowly after leap of 4 months, it would be easy for government to implement these changes and easy for the taxpayers to accept these changes after such break. In the light of this, government is ready to bring some changes in the way of filing GST Returns in order to make it easy for the taxpayers to file the return. Although some of these changes were proposed earlier also but this time we pray that these beneficial changes would actually get implemented.
Source – taxguru