New Delhi: Taxpayers must take notice of the changes in the indirect tax systems following the introduction of Goods and Services Tax (GST). “GST has significantly eased one of the most complex indirect tax systems in the world,” the Ministry of Finance said.Also Read - Uddhav Thackeray Drives Towards Raj Bhavan To Submit Resignation As Maharashtra CM | Watch
- A company looking to do business in every state had to make as many as 495 different submissions. Under GST, that number has reduced to just 12, the Ministry of Finance said.
- “With the continuous simplification of procedures and rationalisation of rate structures so as to make GST compliance easy for common man as well as the trade, we have been able to achieve economic integration of the country with a humane touch,” the Ministry of Finance said.
- Before GST, a taxpayer was registered in each state, according to the Ministry of Finance.
- There were different laws and process in each state. There were different Return Forms in each state, before GST, according to the Ministry of Finance.
- Before GST, there were a total of 317 Annexure, 12 challan, 32 declaration, 112 form, 10 requisition form, 2 transit pass, 4 worksheet, 5 invoice format, and 1 register, as per details provided by the Ministry of Finance.
- However, after GST, a taxpayer files maximum of 3 form for a taxpayer.
- Post-GST, same law and process in all states and same form in each state, the Ministry of Finance said.
- After GST, there are 11 forms, and 1 challan.
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