LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

Need for simplification of GST compliances: CII

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Need for simplification of GST compliances: CII
File Photo of Finance Minister, Arun Jaitley. Image Source: IANS
Written By: IANS
Updated: Wed, Jan 31, 2018
08:38 am
IANS
RELATED NEWS
Property Buying Tips: 5 things to keep in mind before buying a home in 2021 Property Buying Tips: 5 things to keep in mind before buying a home in 2021
GST: Major Modi government move for curbing tax evasion, safeguarding revenues GST: Major Modi government move for curbing tax evasion, safeguarding revenues
National Pension System: Lesser-known income tax, GST benefit that NPS scheme beneficiaries must know National Pension System: Lesser-known income tax, GST benefit that NPS scheme beneficiaries must know
NPS Scheme: EXPLAINED | Income Tax exemption, GST, other benefits that National Pension System account holder must know NPS Scheme: EXPLAINED | Income Tax exemption, GST, other benefits that National Pension System account holder must know
Income Tax Holiday: Realtors demand extension for affordable housing projects from FM Nirmala Sitharaman Income Tax Holiday: Realtors demand extension for affordable housing projects from FM Nirmala Sitharaman

Industry body Confederation of Indian Industry (CII) on Tuesday called for the need to simplify GST compliances and implementation.

According to CII, simplification of GST compliances would result in higher number of returns filed, increased collection of revenues, and easier working capital management by trade and industry.

"The GST network (GSTN) functioning and return filing formats could be tweaked to ensure acceptance of invoices," it said a statement.

CII said that it is in agreement with the proposals presented to the GST Council by Nandan Nilekani, former chairman of the Unique Identification Authority of India and Chairman, Infosys, who said: "If the buyer accepts supplier invoices on the GST System, this automatically determines the input tax credit (ITC). In the proposed model, there will be no mismatch or reversal."

Further, CII stressed on the need for designing a effective return filing system where seamless and speedier input tax credit can be availed by the recipient, as against the current requirement of filing three GST returns.

"In some sectors with thousands of invoices daily, this exercise leads to complexities such as mismatches, ITC reversal with interest, and reclaim of ITC," the statement said.

Currently, the buyer is responsible for ensuring tax payment by suppliers to avail ITC and mismatch in invoices due to filing errors leads to funds being held up.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
GSTGST complianceGoods and Services taxEconomy
RELATED NEWS
Property Buying Tips: 5 things to keep in mind before buying a home in 2021 Property Buying Tips: 5 things to keep in mind before buying a home in 2021
GST: Major Modi government move for curbing tax evasion, safeguarding revenues GST: Major Modi government move for curbing tax evasion, safeguarding revenues
National Pension System: Lesser-known income tax, GST benefit that NPS scheme beneficiaries must know National Pension System: Lesser-known income tax, GST benefit that NPS scheme beneficiaries must know
NPS Scheme: EXPLAINED | Income Tax exemption, GST, other benefits that National Pension System account holder must know NPS Scheme: EXPLAINED | Income Tax exemption, GST, other benefits that National Pension System account holder must know
Income Tax Holiday: Realtors demand extension for affordable housing projects from FM Nirmala Sitharaman Income Tax Holiday: Realtors demand extension for affordable housing projects from FM Nirmala Sitharaman

LATEST NEWS

PUBG Update: PUBG New State game may launch in India? Details here

Sensex jumps by 1,148 points, Nifty closes at 15,246

EPFO members alert! Want to change mobile number in EPF passbook online; do this at epfindia.gov.in

WBPSC Exam 2021: Date for West Bengal Public Service Commission Exam 2021 postponed: Check latest news here!

NEET 2021 exam date latest news: Candidates check this big update

SBI account holder? Don't do this, or you will lose money; Bank issues WARNING - check 3 top tips

Yes Bank Share Price Today: Make money from this stock - check how

IRCON share price today slips over 6% on Government’s Stake sale plan

Stocks to buy with Anil Singhvi: Sandeep Jain recommends Gulf Oil Lubricants India today

CBSE Board Exam 2021: Change in this class 12 board exam answer sheet: Students can get sample answer sheet and all other details here

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved