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Sam Ghosh Founder and SEBI Regd. Investment Adviser at Wisejay Private Limited Bangalore, Karnataka
Budget 2019: GST and way forward and dispute resolution
1 answer/comment
03:15:36 PM, 6th July, 2019
  • Sam GhoshFounder and SEBI Regd. Investment Adviser at Wisejay Private LimitedBangalore, Karnataka
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    The Finance Miniter in her budget speech mentioned that the reduction of GST rated has led to relief of around Rs. 92,000 crores per annum.

    Free accounting software for preparation of tax returns is being made available to smalle businesses and a fully automated GST refund module is expected to be implemented.

    Taxpayers with annual turnovers less than Rs. 5 crores need to file quarterly returns. Electronic invoice details are to be captured in a central system to enable pre-filled taxpayer returns and a simultaneous e-way bill to be generated. These are expected by January 2020.

    She also mentioned of "Sabka Vishwas Dispute Resolution Scheme, 2019" that will allow quick closure of litigation. More than Rs. 3.75 Crores is blocked in litigations in service tax and excise duties from the pre-GST regime.

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