GST impact on taxpayers: In a big relief to small taxpayers, Centre has eased the GST compliance burden. After years long buzz, the Goods and Services Tax (GST) was rolled out in a special midnight session on June 30, 2017. Since then, concerns have been raised with regard to the GST implementation. Considering this, the Central Board of Excise and Customs (CBEC) on Saturday extended the time limit for filing intimation for Composition levy to August 16, 2017. In a press release issued by CBEC, it has been stated: “Government is mindful of the concerns of tax payers, especially the small taxpayers, arising from the transition to the GST regime from 1st of July, 2017.” Below this, the release stated, “With a view to ease the compliance burden of provisionally migrated small taxpayers opting to pay tax under the Composition scheme, it has been decided to extend the time limit for filing intimation for Composition levy (filing of intimation FORM GST CMP-01) up to 16th August, 2017.” Small businesses with turnover of up to Rs 75 lakh were earlier given time till July 21 to opt for the scheme in the GST regime, as per a PTI report. Under composition scheme, traders, manufacturers and restaurants can pay tax at 1 per cent, 2 per cent and 5 per cent, respectively. To opt for composition scheme, the taxpayer needs to log into his account at the GST Portal www.gst.gov.in and select ‘Application to opt for the Composition Scheme’ under ‘Services’ menu. They have to fill up the Form GST CMP-01 to opt for the scheme.
It further mentioned about the cancellation of registration: “Similarly, the taxpayers who were provisionally migrated by virtue of being registered under the existing laws, but who are no longer required to be registered under GST, the period of applying for cancellation of registration is being extended up to 30th September, 2017. Relevant notifications are being issued.”
More than 70 lakh excise, VAT and service taxpayers who have migrated to the GSTN portal for filing returns in the GST regime which kicked in from July 1, as per PTI.
Meanwhile, Finance Minister Arun Jaitley has called GST as a way to make cash transactions a lot more difficult. In a PTI report, the union minister was quoted saying that the tax reform along with demonetisation that banned the use of Rs 500 and Rs 1,000 currency notes last year will lead to greater compliance as well as expansion of tax base.