Proposed returns process to simplify GST regime, bring relief to taxpayers

Life will be a bit easier for businesses and professionals under the goods and services tax (GST) regime if the proposed simplified returns are put in place six months down the line.

The number of returns to be filed will be much reduced compared to that in the existing scheme.

However, assessees will have to continuously upload invoices and keep track of matching purchase receipts with those of sales to claim input tax credit. This, many say, will be burdensome for taxpayers because currently they self-certify the credit claims.

In the original scheme of things under GST, assessees were supposed to file three