CII workshops for 5,000 enterprises across India.

The government has noted business community’s concerns, saying the Goods and Services Tax (GST) would be payable based on a simple return (Form GSTR-3B) containing summary of outward and inward supplies.

The Form GSTR-3B will have to be submitted before 20th of the succeeding month.

No late fees and penalty would be levied for the interim period. This is intended to provide a sense of comfort to the taxpayers and give them an elbow room to attune themselves with the requirements of the changed system.

This not only underlines the government’s commitment towards ensuring that all the stakeholders are on board but also provides an opportunity to the taxpayers to be ready for this historic reform.

Meanwhile, Confederation of Indian Industry (CII) has assured that India Inc is ready for GST implementation from July 1.

“GST has been finalised after a collaborative and consultative approach and we look forward to its introduction,” CII Director General Chandrajit Banerjee said.

CII is organising over 100 workshops across the country to enable some 5,000 enterprises to comply with the new regulations.

A helpline has been established where participants can request for clarifications. fii-news.com