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Should govt make all gst returns as qtly. with monthly tax

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CA. MITHUN KHATRY

CA IN PRACTICE

370 Points Joined March 2009

What is harm in making all GST returns as quarterly returns with an obligation to pay tax on monthly basis. like we did in case of DVAT returns and service tax returns. Interest may be charged on any difference/shortfall in monhtly tax. invoice wise matching may be done after every quarter.

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Replies (2)

shiraz ahmed

Student

226 Points Joined January 2017

yes, i think quarterly or six monthly returns would have been better.
i don't see any harm to govt with this.
This would also give some relief to dealers and most importantly to practitioners.
Current system makes it mandatory to start filing other return soon after filing one return. As all returns pass through a strict timeline, you cannot choose to file all returns in a single sitting, as was possible under VAT.
Almost whole month have to be dedicated, if not physically but mentally, for this monthly system of filing returns.