ICMAI proposes Suggestions for Simplification of GST Return
The Institute of Cost Accountants of India (ICMAI) has made a representation to the Finance Minister Arun Jaitley containing suggestions for the simplification of returns. Representation letter on the proposals made by the GST Council for Simplification of GST Return.
With regard to the monthly return and due-date, the Institute suggested that there should not be different dates for different taxpayers based on their turnovers as it creates further confusion. Different dates are being proposed due to the taxpayers flocking on the portal at the last hour, to handle that only the GSP’s have been selected, they should be given more role in the return filing process which is envisaged before the rollout of GST.
The ICMAI further suggested that mere payment of tax on monthly basis will not suffice the requirement of utilization for payment of taxes. Suggested that the payment and returns to be uniform. The Government has proposed to levy a higher late fee for amending return to ensure that reporting is appropriate in the regular return. The ICMAI has proposed that the higher late fees shall not be more than 10% of the differential tax payable.