By Samachar Vishesh News
Chandigarh 21st Aug:- New GST Returns will bring in Transparency, Compliance, simplify
process and check on Tax Evasion. This was stated by Sanjay Malhotra, Indirect
Tax Expert and Practicing Company Secretary. He was keynote speaker at a
seminar in a city hotel here today.
Federation of Indian
Chambers of Commerce & Industry (FICCI)in association with strategic
partner Tax and Trade Services organized “Knowledge Series on “New GST Returns”
and “Legacy Dispute Resolution Scheme-2019” in Goods and Service Tax”.
Sanjay Malhotra apprised
Industry Members of the various aspects of “New GST Returns” [SAHAJ, SUGAM,
NORMAL] and “Legal Dispute Resolution Scheme-2019.
He said that trials on
new GST Returns has started from July 2019 onwards for three months and
taxpayers should make use of same. GST new returns implementation from October
1, 2019 will have one monthly return instead of multiple forms at present for
large taxpayers having turnover more than Rs. 5 crores.
Small Taxpayers from Jan
2020 will file quarterly return with tax payment on monthly basis.
He added that provisional
Credit of 20 percent is available to Buyer if supplier fails to upload invoices
at GST Portal and both buyer and seller are liable jointly to pay GST to Government.
Amendments to monthly returns are also available in New GST Returns mechanism
which will allow Supplier to file amendment thus reducing Interest cost as in
present system changes can be made after a month/ quarter.
Sanjay Malhotra
recommended taxpayers facing litigation to opt for New “Legacy Dispute
Resolution Scheme-2019”in respect of any matter pending in Central Excise,
Service Tax and other Act on CESSES with Department / Appellate authorities as
on June 30, 2019 where final hearing have not been done. Tax reliefs available
under the Scheme varies from 50% to 70% of tax amount and all other interest
and penalties are 100% waived off.
G.B. Singh, Regional
Director-FICCI, Chandigarh, shared that the “Knowledge Series on GST” with
Trade has resulted in ensuring Compliance to GST laws. Ficci keep on
representing Industry concerns with GST Council, CBIC and State Government
Officials and thankful for support from GST officials for addressing same.
Deepak Nanda (MD Trident
Limited) Chief Guest alongwith Joint Commissioner CGST Rachana Singh
felicitated meritorious students of GRIID and members from industry and
officers from CGST.
B.S. Khara, Assistant
Commissioner-CGST &NACIN, Kannav Sharma, Assistant Commissioner-CGST
Mohali, Mrs Geetu Badoliya (Assistant Commisioner CGST) , Ms. Chandandeep(Asst
Commisioner CGST) apprised the Trade about the recent amendments in GST and
also addressed their concerns. Software giant Relyon Softtech Limited during
the workshop shared benefits of their software for preparation of new GST and
other compliance related returns.
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