Transition to new tax returns, decreasing the compliance cost of small businesses and increasing awareness about Goods and Services Tax (GST) among businessmen will be a part of the agenda of the upcoming meet of tax practitioners in Indore on August 3.

According to them, many issues have yet to be resolved, even two years after the launch of GST. A statement on major issues being faced by the businesses and the likely issues to be faced during the transition to new GST returns will be prepared and submitted to the Finance Minister, said sources.

Close to 350 representatives from 27 states will participate in the one-day event by National Action Committee of Tax Practitioners (NAC) of GST Professionals.

"New returns are being introduced. This transition is crucial. We need to ensure that businesses and tax practitioners are at ease while filing returns. We need to adapt to the new system. The committee will ponder over these issues," said Axat Vyas, member of the Core Committee.

Another major challenge is to reduce the cost of compliance for the tax practitioners. "Now businesses need additional staff to maintain accounts and meet compliance. The cost has risen significantly. There are some compliances which can be removed. This can decrease compliance cost," explained Vyas.

He also said that in spite of over two years of the GST roll out, there is a need to create awareness among businesses, because unknowingly they are not complying with the new rules. Vyas, who was instrumental in formation of this nationwide body last year, said that most of their inputs have been accommodated.

However tax practitioners feel that a lots of issues still need to be addressed. Often the system gets crashed because of the increased traffic. "Still there are issues with the system. There are problems in claiming the refund. There are mismatches in returns filed. Even now, the forms need lots of corrections," said Urvish Patel, president of Gujarat Sales Tax Bar Association.

Published On : 02-08-2019

Source : DNA India