GST implementation is surely a big challenge for the government as Goods & Services Tax will change the way India does business.

KNN spoke to Neeraj Prasad, Additional Commissioner, GST, Ministry of Finance, on different challenges the MSME sector would face while implementing GST.

The government aims to implement the new indirect tax regime Goods and Services Tax (GST) from April 1, 2017, and to that effect the GST Council has been regularly holding the meetings. The meetings are to finalize the draft rules for GST.

There are eight forms provided for in the GST business processes for filing for returns. Most of the average tax payers would be using only four forms for filing their returns. These are return for supplies, return for purchases, monthly returns and annual return.

Small taxpayers who have opted composition scheme shall have to file return on quarterly basis.

Filing of returns shall be completely online. All taxes can also be paid online.

KNN spoke to Prasad on the deadlines for filling returns and getting the re-imbursements and also on consequences for missing the deadlines both for the tax payer as well as the concerned official.

The Finance Ministry official also spoke about the support that the Government is planning to provide to help small entrepreneurs build the IT infrastructure. (Watch Full Video)