A brainstorming interactive session between the Exporting Fraternity and the CGST and CX, Kolkata Zone was organized by Federation of Indian Export Organisations (FIEO) Eastern Region at Hotel Lalit Great Eastern today.
Complimenting the Government of India and the Ministries/Departments involved for implementing this biggest tax reform post-independence, Shri Yogesh Gupta, Regional Chairman, FIEO Eastern Region said, with GST having completed 5 years since roll out, it has not only simplified India’s tax regime but also increased the total number of taxpayers, mopped up tax collections and brought in transparency through gradual changes in the GST Act/Policy and online return filing system. Over the course of 5 years, GST has had a varied impact on the trade and industry and our economic activities – be it manufacturing, merchanting, retailing, service providing etc. The major challenge at present is the implementation of IGST on ocean and sea freight which should be withheld by the GST Council and FIEO has already submitted represented in this regard to the appropriate authorities. Besides, other areas of concerns and challenges do which remain which gradually needs to be ironed through persistent engagement between the GST department/authorities and taxpayers. Hence, let us take this opportunity today to do some brief-fact checking and let’s evaluate how and where things stand at present.
Shri Sarthak Saxena, IRS, Joint Commissioner, CGST & Central Exercise, Kolkata Zone joined the session as the Chief Guest and gave a broad overview of GST and apprised the participants about some significant changes being incorporated with regard to procedures, filing of returns. He said that the objective behind implementation of this taxation regime was not only about simplification of procedures but also to strike a balance between genuine trade and fraudulent activities. He added that with this sole purpose a very significant amount of work goes on at the back-end at GSTN in respect of development/upgradation of software use of artificial intelligence which generally doesn’t come to the fore, to facilitate genuine taxpayers by virtue of proper enforcement of laws as well as identifying and cutting down on malpractices. He also responded to various issues and concerns raised by the exporters/taxpayers.
In terms of GSTR1 filing, Shri Saxena mentioned the about changes in HSN details which has to be done mandatorily for B2B supplies, whereas for non-retail supplies it will be mandatory as of now. Details have to be declared at 4-digit code level for below 5 crores turnover and for 5 crores and above HSN has to be declared at 6-digit level.
System will allow the taxpayer to file the next/present GSTR1 only if the previous month’s GSTR1 return has been filed. The same has been brought w.e.f. Oct ’ 22. So, any taxpayer filing online returns for Nov’22 has to have mandatorily filed for Oct ’ 22. This will follow similarly for subsequent months.