NEW DELHI: The government on Thursday said GST has reduced the number of tax filings for businesses, while slashing the preparation, filing and tax payment time to 36 hours, which is almost a third of the 105 hours that were spent earlier, drawing a sharp response from companies and tax practitioners. The claim made during a presentation to highlight the steps on ease of doing business was questioned, saying the numbers may not be in order. Besides, some company executives said this was more like a statement of intent at the moment as the filing process, which faced severe criticism in the initial months of rollout, is being revamped for simplification. The department of industrial policy and promotion (DIPP), which is pushing for a further improvement in India’s ranking from the current 100, is highlighting easier tax payment rules, on the back of GST, along with quicker clearance for export and import consignments and a modern bankruptcy law as key achievements. Sources said the calculations factored in an average filing time of 15 minutes per form. In the pre-GST days, large businesses were required to file four returns dealing with state VAT, central sales tax, Union excise duty and service… Read full this story
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