In the digital era is there anybody who is ready to think out of box and allow the system to work automatically. Can government get out of concept of binding assesse for mandatory filing of returns under new regime of GST and if not complied then heavy penalties can be extracted as in case of Annual Return the penalty could be upto 1/4 % of Turnover (and Turnover is defined to include entire world) and in other cases maximum upto Rs. 5000/-.
Here, an attempt is made to find out alternate way through which govt. have total details and trade is totally free from such heavy mandatory compliances as,
(a) No requirement of filing of return or else one annual return can be asked for.
(b) No maintenance of physical records, GSTN have it all.
(c) No system of claiming Input Tax Credit, its auto allowed and only disallowances can be checked.
(d) Dream of achieving 100% Digital India.
(e) No requirement of routine verification, as presently happening in income tax.
(f) Reducing litigation to greatest extent.
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Download PPT on One Tax, One Nation, NO RETURNS
You are right Mr. CA Pravin Dhandhari, if we are submitting information of every invoice in GSTN so their should be no need of maintaining any records.
I also strongly agreed with Point C ITC should be auto allowed by the system as again we have submitted every information regarding credit online already.