The Central Board of Direct Taxes on September 20th 2019 has given recommendation in its 37th meeting to simplify the GST filing procedure. Recommendation has been made to relax the MSMEs from filing annual returns for Financial Year (FY) 2017-18 and FY 2018-19.
Key Recommendations made by the GST Council:
- Relaxation in filing of annual returns for MSMEs for FY 2017-18 and FY 2018-19 has been given. Composition taxpayers are not required to file Form GSTR-9A for the mentioned period and taxpayers having an annual turnover up to Rs 2 crore during FY 17-18 and FY 18-19, are not required to file the GSTR-9.
- Constitution of committee to be done to examine the simplification of Forms for Annual Return and reconciliation statement.
- In order to compel taxpayers for timely filing of outward supplies statement, the idea to impose restrictions on availing of ITC in cases where outward supplies statement have not been submitted by suppliers in GSTR 1 has been proposed.
- To furnish Form GSTR-3B and GSTR-1 for the period October 2019-March 2020, a new return system will be introduced by April 2020.
- Procedure to claim refund in Form GST RFD-01A will be notified.
- Integrated refund system with disbursal by single authority to be introduced from September 24, 2019.
- Circulr will be released for In principle decision to link Aadhar with the registration of taxpayers under GST and examine the possibility of making Aadhar mandatory for claiming refunds.
- The council in order to tackle the menace of fake invoices and fraudulent refunds, will take in principle decision to prescribe reasonable restrictions on passing of credit by risky taxpayers including risky new taxpayers
Click here to read the Press Release.
Click here to read other recommendations.
