Now You Can Opt For Monthly Or Quarterly GST Returns; Govt. Will Use BI, Analytics To Stop Tax Evasion!
In a huge relief for taxpayers, they can now opt to file GSTR 1 filing either monthly or quarterly.
Under GST reforms, a major step has been taken which will further ease the burden of GST filings, and encourage more taxpayers to embrace GST.
Meanwhile, Income Tax officials have said that the tremendous amount of GST related data would be mined, and analysed using advanced data analytics tools and business intelligence to stop tax evasion.
Let’s talk about some advanced technological push for generating more tax revenues, and things are looking exciting!
Now, File Quarterly Or Monthly GST Returns
GSTR 1 is the filing which summarises all the sales of a taxpayer, for a specific period. In a huge relief for taxpayers, they can now opt to file this GSTR 1 filing either monthly or quarterly.
However, there is a catch here: This relaxation has been provisioned for only those taxpayers who have declared (or anticipated) annual turnover of up to Rs 1.5 crore.
This change in frequency for GSTR 1 filing has been taken after 23rd GST Council Meeting concluded.
Analytics & BI Will Be Used To Stop Tax Evasion
Meanwhile, reports have emerged that advanced data analytics and business intelligence or BI would be now used to analyse the existing data related with GST. This would be done with the purpose of stopping tax evasion.
GST Officials are right now drafting a RFP for choosing vendors, who can develop advanced tools for this purpose.
Prakash Kumar, chief executive officer of GSTN confirmed this, as he said,
“We are in the process of drafting an RFP because we want the tools and manpower for data analytics. We should be able to slice and dice the data whichever way we want,”
If we believe some reports, then GST and IT Officials are right now waiting for tax related data to accumulate, and then use the same to find out which tax-payers are evading tax.
As explained by R. Muralidharan, senior director at Deloitte, the data from GST filings can be used to find the sales, purchases and margins of profit, as per industry average, and how much percentage of tax is being actually paid.
In short, there will be soon no way a business can avoid paying tax.
Earlier, we had reported that social media networks would be mined to catch tax evaders. Rs 1000 crore has already been allocated for this project, named ‘Project Insight’, and L&T Infotech will be the one executing it.
Do you think such advanced, cutting edge tech push to generate more tax revenues will work? Do let us know by commenting right here!