May 7: Federation of Indian Chambers of Commerce and Industry (FICCI) has welcomed the simplified tax return filing process approved by the GST Council, but it should be implemented keeping in mind the industry’s preparedness level.
“The decision of the GST Council to implement the new model of return filing with single monthly return to be filed by registered taxpayers with certain exceptions is welcome,” said Mr. Rashesh Shah, President, FICCI.
“It is believed that the proposed return filing system would ease the compliance burden of the taxpayers under the GST regime,” he added.
“However, the timeline of six months to implement the new system should be reviewed in accordance with the industry preparedness for the new system,” Mr. Shah stressed.
The implementation of the new GST return filing system will be smooth if the industry is fully prepared to deal with it.