GoI to introduce new return system for GST on trial basis today

Filed under: Business |

The government will today introduce the new return system on a trial basis on the second anniversary of Goods and Services Tax (GST).

It will come into force from 1st of October this year on a mandatory basis.

The Finance Ministry has also proposed Sahaj and Sugam returns for small taxpayers for the current fiscal.

The government will rationalize a single cash ledger in such a manner that earlier 20 heads are merged into 5 major heads. There is only one cash ledger for tax, interest, penalty, fee and others.

The government has brought in various changes in the GST system in the last two years, both pertaining to the quantum of taxes, inclusion and exclusion of items. GST was launched on the 1st of July, 2017 from the Central Hall of Parliament on the midnight of 30th June that year. Agencies

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