GST Council to introduce new tax returns filing system to simplify the compliance procedures for MSMEs
MUMBAI: The GST Council will introduce a new tax returns filing system to simplify the compliance procedures for micro, small and medium enterprises, said GST Commissioner.
Speaking at an interactive meeting organised by All India Association of Industries (AIAI) and MVIRDC World Trade Center Mumbai ,I AS, Commissioner of State Tax, Department of Goods and Service Tax, Government of Maharashtra, Rajeev Jalota said “The new system will be introduced after testing it on pilot basis.”
He said, “India has successfully embarked on a major indirect tax reform since Independence without creating high inflation or shortage of commodities in the market. The current GST regime has consolidated 17 taxes and 23 different statutes under one indirect tax system.
He added, taxes on most goods have been reduced to 18% slab and today 65% of GST revenue comes from this slab. The government has forgone more than Rs 2 lakh crore because of input tax credit under GST. In the last two years, the GST Council has held 30 meetings and resolved major challenges faced by the industry.
Source- Knn India.
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