Government looks at three models to replace existing
GST return filing process; Nilkeni's model simpler, say
experts
After the GST Council
decided to do away with the system of filing three
returns a month, the council is now looking at three
models, one of which should replace the existing system.
Two of the models have been suggested by Ajay Bhusan
Pandey, chairman of GST Network, and another by Infosys
chairman Nandan Nilekani.
While the details of GSTN
chairman's models are sketchy, it necessarily talks
about filing of one comprehensive summary return on a
monthly basis dispensing away the transaction level
monthly returns (GSTR-1,2 & 3). It suggests a revised
and detailed GSTR 3B on a monthly basis and GSTR 1,2 & 3
on a quarterly basis, apart from an annual return (with
reconciliations and matching taking place on an annual
basis).
Information about
Nilekani's model is more detailed and tax experts
suggest that it is highly likely that the government may
accept this model than the ones suggested by GSTN's Ajay
Bhushan Pandey. |