Government may Grant Relief by Reducing Annual GST Filings

As per the current Goods and Services Tax (GST) regime, GST taxpayers must file 3 statements for each month (GSTR 1, GSTR 2 and GSTR 3), coupled with the annual statement. From a wider perspective, a taxpayer must file 36 statements in a year.

This is more of backbreaking as taxpayers are facing a lot of issues which halts them from paying tax. To which Central Government may grant relief to the taxpayer by reducing annual GST fillings by one-third.

As per a GST Council official, the government is tossing around 2 proposals:

First Proposal: Filing of 3 statements for a quarter.

Second Proposal: Filing of 3 statements on a bi-monthly basis.

Furthermore, the taxpayer must file an annual statement.

This is going to be benevolence for the taxpayers. The final verdict is still pending which is customary for the GST Council meeting to be held on October 6, 2017.

This government’s move was represented by various business and trade bodies as well as by state units to BJP national president and Finance Minister.

With reference to the data, GST paid by taxpayers for August was much lower than GST collected in July. Only 55% of assesses paid taxes for the month of August, as compared to July which was 64%.

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