You are using an older browser version. Please use a supported version for the best MSN experience.

GST will ring new forms in and old forms out

LiveMint logoLiveMint 30-06-2017 Staff Writer

Once the Goods and Services Tax (GST) becomes a reality from 1 July, businesses will have a new set of filings and forms that go with it. There is already some grumbling over the cost and time spent on the compliance. The government has been saying that this is an exaggeration and compliance will not be difficult.

While the new forms will come in, businesses will also see old forms go out. A plethora of indirect taxes will be subsumed into this destination-based tax, since GST primarily aims at boosting tax compliance and ease of doing business in the country.

The list of taxes that will cease to exist in the GST-era is long — production taxes such as central excise duty and additional excise duty, import duties such as countervailing duty and special additional customs duty, central cesses and surcharges, service tax, state taxes like value-added tax (VAT), central sales tax on inter-state trade of goods, luxury tax, entertainment tax excluding the ones levied by local bodies, taxes on advertisements, taxes on betting and gambling and state cesses and surcharges on supply of goods and services.

As a result, all registration forms under Central Excise Law, Service Tax Law, State VAT and Central Sales Tax (CST) Laws will also become a thing a past.

Following are some key tax documents/forms that will lose significance post 1 July.

Graphic by: Ajay Negi/ Mint

Whether the cost and effort of compliance under GST is easier or not will be known in the next few quarters.

In the GST era, in certain cases, companies will have to fill 37 forms annually (three monthly and one annually) and for e-commerce players it will be 49 forms in a year, tax experts said.

More From LiveMint

image beaconimage beaconimage beacon