M S Mani - Latest News Update, Information, Photos & Videos on M S Mani at Lokmat Times

Senior officials said that despite three extensions for filing the returns, the number has been unsatisfactory."It is ranging from 25-27 per cent despite extension of deadlines. The GST Council will discuss the issue in its meeting on September 20," said an official.He further said that the Council will decide if the mandatory return filing requirement be suspended for only 2017-18 or for subsequent financial years as well."There is also a view that the government should wait till November 30 to see if the number of those filing returns goes up," he said adding there would be many procedural issues that would be considered by the Council this time.As per official data, out of about 1.39 crore total assessees, nearly 85 per cent have an annual turnover of Rs 2 crore or less.Tax experts said that the proposed move to dispense small taxpayers from filing annual returns would ease compliance burden and also help tax authorities focus on big assessees."There is perhaps a need for rethinking. There is a view that why put more compliance burden on small taxpayers. The system is also not very robust," said Amit Bhagat, Partner, indirect tax practice, Dhruva Advisors.At present, every GST assessee has to file an annual return in GSTR 9 forms.M.S. Mani, Partner with Deloitte India, said that during implementation of GST, most small traders and businesses had found it difficult to shift to GST and any relief to them would be a big help for the micro, small and medium enterprises (MSME) sector."If there is a compliance relief given to them for a year or two it will make GST much more acceptable for the MSME sector," Mani noted.(Nirbhay Kumar can be contacted at nirbhay.k@.in)( With inputs from IANS )

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Narendra Modi

Lok Sabha Election 2024

Heatwave In India

Mumbai Mega Block

Maharashtra Lok Sabha Election

T20 World Cup 2024

M S ManiFOLLOW

M s mani, Latest News

Business :No rate hike, GST Council votes for uniform lottery rate (2nd Lead)

The all-powerful GST Council, in its 38th meeting here on Wednesday, voted for uniform rate of 28 per cent on lotteries across the country. ...

Business :Minister hints no GST rate hike on agenda, ahead of meet

Minister T.S. Singh Deo, ahead of the 38th Goods and Services Tax Council meeting here on Wednesday, told reporters that the government should first plug loopholes in the GST regime and then consider rate hike, thereby hinting there may not be a rate ...

Business :Firms with income upto Rs 2 crore could get GST relief

The all-powerful GST Council is set to discuss a proposal to exempt small businesses with annual turnover of less than Rs two crore from filing annual returns. ...