With the aim of simplifying GST returns, GST Network (GSTN) is going to release an improved version of the GST return filing interface on 22 October.
GSTN network has earlier asked for various suggestions and feedbacks from the taxpayers, experts, and businessman and many of the suggestions were incorporated in version 2 which is in place right now.
Now, Version 3 is going to come on October 22 of this month.
GST Network CEO Prakash Kumar said that GST Network provides IT infrastructure and services to central and state governments, taxpayers and other stakeholders for implementation of the GST at a seminar organized by IIT Delhi Alumni Association.
Further added that it has reduced complexity as its implementation has reduced the number of returns to be filed by businesses to just 12, from 495 under as many as 17 central and state laws in the pre-GST era.
Besides the benefit of providing simpler return, the indirect tax administration now establishes a link of sharing data with the income tax department. Such move will help the depatment in unearthing instances of tax evasion.
Kumar said that the income tax department confirms the range of turnover, not the exact data of the taxpayer, which has helped in detecting mismatches. At present, there are 12.3 million registered GST taxpayers.
GST has reduced the average tax incidence as well as prices, and was an important determinant in ensuring that inflation remained under control, he said.
“Prior to GST, about 14% of the total cost of goods accounted for logistics (in India), a large cost and friction in doing business, while it was 10-11% for Brazil, Russia, India, China and South Africa (BRICS nations) and 9-10% for developed countries,” Ranjan said quoting a 2014 study.
Now, logistics cost in India is about 10-12% of the value of goods, Ranjan said in his presentation. “In the pre-GST era, trucks used to cover about 225 kilometers a day and now it is 300-325 kilometers,”