GST- Goods And Service Tax
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The agenda of 27th GST Council meeting held on 04.05.2018 is simplification of GST returns as a proposal for simplification of return is outlined in the press release after GST Council’s meeting. Simply great news to all GST registered persons.
Though this simplification of return is a welcome move, however this is mandating all GST registered persons to be compliant will law in appearance of return simplification, which is also again a welcoming step towards strong compliant reliable economy. Let us hope that the GoM committee created for finalizing the simplification proposal also takes into consideration the severe punishment being imposed on the buyer who purchases from a non-compliant GST seller and also consider proposal of giving an option to the buyer to add missing invoices in genuine cases so that there will be a free hassle flow ITC which is backbone of the GST structure.
IBAInstitute of Business Applicationinquiry@ibajobs.co.inhttp://ibajobs.in/https://twitter.com/ibaTaxs