Businessmen and tax practitioners are eagerly awaiting major announcements aimed at easing the compliance requirements in GST, from the GST Council Meeting to be held in Guwahati on Thursday.
Quarterly filing of returns for certain category of traders is the top demand as issues have plagued filing of returns. Taxes on 'farsan' (snacks) items, sweets, bakery and ceramic products are also likely to be reduced, feel players.
Off the record, businessmen admit that these corrections are imminent because of the upcoming Assembly polls in Gujarat.
"The council could bring in quarterly filing of returns for businessmen with annual turnover of upto Rs10 crore. It has realised the inadequacies of online system and server issues. The tax payment will be monthly. This could be a temporary arrangement till March 2018, after which monthly returns would resume," said Jayendra Tanna, vice-president of Gujarat Chamber of Commerce and Industry (GCCI).
GST on AC hotels and restaurants will be reduced to 12%, feel players. Sanat Relia, president of South Gujarat Hotel and Restaurant Association said that while at present GST is levied on announced rate of rooms, it will most likely be changed to the transaction value as prices of rooms are dynamic and vary in season and off season.
"During season, the room may attract higher tax of 28% due to high price. It may fall in off season where the tax slab would be 18%. However, at present the 28% tax is levied. We have said that this should change," Relia told DNA.
Relia is happy that the GST Council has appreciated the difficulties. "The business has been disrupted and China is taking benefit.
If we do not take immediate course corrections, things might go beyond repair," he warned. Tax on ceramic products is also 28%, which need to be reduced.
Last week, the Gujarat Sales Tax Bar Association met Union Finance Minister Arun Jaitley and apprised him of bottlenecks. This include problems in uploading of returns, GSTBA said in the letter. They have also suggested a single form for sales and purchases and to be filed without OTP, streamline tax refund procedures as well as abolition of late fees.
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