New GST return forms to be rolled out from January 1: Finance Secretary

29 Jun 2018 Evaluate

Finance Secretary Hasmukh Adhia has said that the new Goods and Services Tax (GST) return forms would be rolled out from January 1 after successful beta-testing of the software. He also said that wrong input tax credit claims are a potential area of evasion in the new tax regime and one-to-one invoice matching is the key to checking evasion. He noted that invoice matching has to happen in the GST system. Besides, he said “The only thing is the way we collect details about invoices is what matters. So in the new system of filing return we will have all the sales invoice being uploaded along with returns only for B2B. For B2C you don't need to give invoice wise details at all.”

Adhia further stated that while GST collection every month is about Rs 94,000 crore to Rs 1 lakh crore, the total tax liability discharged by businesses every month is Rs 5 lakh crore. He said “But Rs 4 lakh crore of this liability is being discharged by way of input tax credit claims. Now you can understand what a scope (is) for improving our revenue if we streamline and if we have a check on input tax credit.” Moreover, he pointed out that the only place where there is a scope for tax evasion is in the area of claiming wrong ITC and that's an area which can be plugged by using technology. He said “Even if we make a 10 per cent difference in Rs 4 lakh crore by keeping an eye on them (wrong ITC claims), by having a one-to-one invoice matching, what an improvement in revenue collection can happen.”

Talking on scope for rationalisation of items in the 28 percent tax bracket, the Secretary said that that reducing the number of items in the tax slab would depend on revenue position of the government. He also noted that there are 50 items left in the highest tax slab and most of these items attract a cess as these are either demerit or luxury goods. Besides there are some construction and automobile items. He said “We have not still reached the magic number of Rs 1 lakh crore (revenue) every month consistently. We will have to keep watching our revenue and whenever there is a scope created for giving more concessions, then we can one by one or in batches we can start looking at those items.”

Create stable, long-term investment portfolio with strong, consistent stocks.

Start Research-backed Investing ...Now. Subscribe to Sapphire

About MoneyWorks4Me

MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

Our Vision

To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.

What Makes MoneyWorks4Me Different

Fiduciary-first advisory model.
As SEBI-registered IAs, we are legally and ethically bound to act in the best interests of our clients. We do not sell or distribute any financial products. This ensures our guidance is 100% unbiased and conflict-free.
Deep fundamental research + robust valuation discipline.
Built on more than 15 years of equity research, our framework combines quality assessment, intrinsic value estimation, and a sensible margin-of-safety approach.
Process—not predictions.
We don’t rely on guesswork or market timing. Instead, we focus on asset allocation, risk management, and long-term compounding.
Technology + Human Intelligence.
We believe a combination of both is essential for investing success. We constantly innovate and upgrade in-house tools, financial X-rays, and portfolio analytics so that our team of analysts and advisors are equipped with the best.
Partner with Clients.
We follow a DIWM (Do-It-With-Me) approach where we partner clients in setting goals, financial planning, educating on our investing process and share decision-enabling resources transparently with our clients who retain control on execution.

Our Approach: Ensuring compounding work its magic on client portfolio.

MoneyWorks4Me ensures this through:

Investing in stocks, mutual funds, debt, and gold
Quality-at-Reasonable-Price way of investing in stocks
Constructing Direct Stock Portfolios with Core, Booster, and Amplifier stocks
A Mutual Fund Portfolio that delivers consistent out-performance and meaningful diversification (low overlap)
Periodic review and rebalancing
Clear Buy-Sell-Hold, and Position-sizing frameworks

Name of the IA registered with SEBI:	The Alchemists Ark Pvt. Ltd.
Logo:
Trade/Brand Name of IA:	MoneyWorks4Me Investment Advisers
Brand Logo:
SEBI Registration Number:	INA000013323 Validity – May 16, 2019 – Perpetual
Registration:	Non-Individual
BSE Enlistment No:	1187
Address:	B-101, Signet Corner Building, Balewadi Phata, Baner, Pune, Maharashtra 411045
Compliance officer Details:	Name: Shrikant Jagtap Email: shrikant.jagtap@moneyworks4me.com Telephone: +919860359463 Address: Same as IA
Grievance Officer Details:	Name: Mukta Vaze Email: mukta.vaze@moneyworks4me.com Telephone: +91 98609 19463 Address: Same as IA
Principal Officer Details:	Name: Atharva Bhide Email: atharva.bhide@moneyworks4me.com Telephone: +91 91758 99463 Address: Same as IA
Standard Warning:	Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Disclaimer:	Registration granted by SEBI, enlistment with exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.