The proposed GST regime is likely to provide for monthly filing of returns for business to business dealings through a set of eight forms for different categories of transactions.
The Joint Committee on Business Process for GST in relation to GST Return has suggested filing of a periodic e-return for Central GST, State GST and Integrated GST.
As per the proposal, the returns can be filed on a specific date of a month, like on 10th of next month for outward supplies, 15th for inward supplies and 20th in case of monthly returns. The Committee suggested that in the GST regime there should be eight forms for filing of returns by tax payers.
There will also be provision for filing of GST returns by non-resident tax payers in form GSTR-5. Non-resident tax payers could include taxi aggregators like Uber.
The report said there will be a defaulters list of those failing to file returns periodically and such details would be forwarded to GST authorities for necessary action.
The Joint Committee also suggested that the GST law should provide for automatic imposition of late fees for non-filers and late filers of returns. In case the return is filed without full payment of taxes, the report said they should be rendered invalid. There will, however, no provision for revision of GST returns.
The finance ministry had earlier put up three reports of the Empowered Committee, pertaining to registration, payment process and refunds in the GST regime in the public domain for stakeholder comments.
The Economic Times, New Delhi, 23rd Oct. 2015
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