Income Tax return (ITR) filing set to get easier; Govt may also simplify GST return forms
The central government is gearing up to take a decision to further simplify the Income Tax return form to facilitate tax payers more. Under this change, a new simplified GST return forms will also be rolled out to help traders. Revenue Secretary Ajay Bhushan Pandey told media persons that the new simplified GST return forms will be rolled out from April 1, 2019.
The government has also decided Income tax return (ITR) forms will be pre-filled based on information already available with the tax department, making ITR filing easier for people. This was stated by Sushil Chandra, chairman of CBDT, at an international tax conference organized by CII in Delhi yesterday. Image source: PTI
In order to make tax return filing easier, taxpayers could soon get PAN cards in just four hours. The tax department will start issuing electronic Permanent Account Number (e-PAN), which will bring the time required for getting the tax identification number down to just four hours, CBDT chairman Sushil Chandra reportedly said, adding that allotment of e-PAN card is expected to start within one year. Image source: PTI
Speaking to reporters on the sidelines of the Directorate of Revenue Intelligence (DRI) Foundation Day on Tuesday, Pandey said the government will achieve the budgeted target for Goods and Services Tax (GST) collection. He said that in the first eight months (April-November) of the current fiscal, the government has mopped up over Rs 7.76 lakh crore from GST. The 2018-19 budget had estimated annual GST collection at Rs 13.48 lakh crore, which means a monthly target of Rs 1.12 lakh crore. Image source: Reuters
The revenue secretary said the government's monthly target is around Rs 1 lakh crore, but this has to be increased to Rs 1.10 lakh crore. Notably, GST collection in November was Rs 97,637 crore. Pandey said the refund process is being further streamlined to make it completely online and taxpayer friendly. Image source: Reuters
In July, the Central Board of Indirect Taxes and Customs (CBIC) had put up in public domain draft GST return forms 'Sahaj' and 'Sugam' and sought public comments. These forms would replace GSTR-3B (summary sales return form) and GSTR-1 (final sales returns form). Image source: PTI
Chandra informed that this year CBDT received 6.08 crore ITRs, which was 50% more than what was received last year by this time. He said that gentle persuasion by way of text messages and emails as well as penalty for filing after the August 31 deadline led to the surge in ITR filing. Notably, a total of 6.85 crore tax returns were filed in 2017-18. Image source: Reuters
The GSTR 3B is a simple tax return form introduced by the Central Board of Excise and Customs (CBEC). It is mandatory for all those who have registered for the GST. It is simple tax return form for the month of July and August. All GST registrants have to file GSTR-3B form. Image source: Reuters
GSTR 1 is a monthly return of outward supplies to be furnished by all registered taxpayers making outward supplies of goods and services or both. The form contains details of outward supplies of goods and services. A taxpayer can file GSTR1 online directly through GSTN or through GSP's. Image source: Reuters