The Indian government is set to take a major step towards making the country's indirect tax system more transparent, accessible and taxpayer-friendly. The Finance Ministry will invite suggestions from businesses and industries on the suggested amendments in the monthly GST return form from November 1, Central Board of Indirect Taxes and Customs Commissioner Gaurav Singh has said. The main objective of this initiative is to reduce mismatches in tax liabilities and input tax credit and provide relief to taxpayers from unnecessary tax notices. According to Gaurav Singh, a senior CBIC official, the revised GST return form will be uploaded on the government's MyGov portal on November 1 for public consultation. Industrialists, industry associations and tax professionals across the country will be able to submit their suggestions and comments on this from November 1 to November 30. With this, the scrutiny of notifications and circulars related to important decisions taken in the 57th meeting of the GST Council held on October 8 has been completed by the Law Department and will be placed in the public domain on Friday. The 57th meeting of the GST Council, comprising the Union Finance Minister and the Finance Ministers of the states, approved an alternative system for correction of liabilities and input tax credit in GST returns. The main objective of this system is to reduce discrepancies in details while filing returns and to drastically reduce the number of notices and notices issued by the tax authorities. Gaurav Singh clarified that once the issues related to the integrity and integrity of the ITC series are resolved, it will give impetus to further structural reforms in the GST regime.
New blue print of GST return will be released is featured on Aapnu Amdavad — the digital home of Ahmedabad, where Amdavadis discover business and everything happening across the city.