All About Fast Track Mergers in India

Concept of Fast Tracker Mergers in India u/s 233 of the Companies Act, 2013

First of all, we will go through the concept of fast track merger under Section 233 of the Companies Act, 2013. This section has been notified by The Ministry of Corporate Affairs 

On 15 December 2016, introduces the concept of Fast Track Merger (FTM) along with the given procedure for mergers and amalgamations of certain classes of companies which include small companies as well as whether it’s called company being “hold” or wholly -owned subsidiary companies. However, the section provided under the Companies Act deals with both fast track mergers and traditional mergers. It takes approximately ten months to regulate bodies and every type of company must go through this route. 

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Highlights of Fast-track Merger Process in India

  • The scheme of merger or amalgamation may be entered between toe or more than small companies.
  • Between a holding company and its fully owned subsidiary company.
  • In case of other class or classes of companies as may be prescribed or yet to be prescribed.
  • In some other following types of companies exclude public companies, section 8 companies and cooperates governed by the Special Act.

Difference between Traditional Mergers and Fast-Track Mergers (FTM)

A traditional merger is a “corporate strategy of combining different companies into a single company in order to enhance the financial and operational strengths of both organizations. When two companies merged, gives new branding or identity to make it stronger. In recent top mergers are the biggest mergers of all time, the following are:

Vodafone and Mannesmann

This merger company took place in 2000 and made it to the largest merger and acquisition deal in history. The U.K.- based Vodafone acquired with German Company Mannesmann. Here the deal is related to telecom and mobile phones.

[Suggested Read: MCA to revise SPICe MoA & SPICe AoA]

America Online and Time Warner

This merging company made it to the second largest in history and took place in 2000. Most Americans used their landline phone service to access the internet through provider America Online (AOL).

Fast-Track Merger (FMT)

The Companies Act,2013 has introduced the ingenious concept of fast track merger for very small corporate or companies with its wholly owned subsidiary companies. However, it has been introduced in Section 233 of the Companies Act read with Rule 25 of Companies Act. In it, there is no transfer of ownership but in case of Traditional Merger – there is wholly transfer of ownership.

Well! First of all, we need to know why does merger matters?

To make a stronger company or to have real combined assets, competencies or profit in the market?

It’s obvious two company merged to single company result into a dilution of the financial strengths of one of the companies, provided to that new company will give more profit in stock across the same asset base better with merged companies.

There are few advantages of FTM over normal mergers- it is an eco-friendly time bound registration and best cost-effective process. Another reason for that it doesn’t require any judicial process concerning NCLT. Sometimes it could happen for the classes of companies eligible to opt for FTM may instead opt for the traditional merger route per normal provision given the Companies Act.

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What are the benefits of Fast Track Merger?

  • Till now, the government passes that it is not mandatory to get approval from NCLT (National Company Law Tribunal).
  • There will no need for issuing Public Advertisement.
  • It has been found that FTM provides less Administrative Burden.
  • The court will avoid a series of hearing.
  • It is all eco-friendly and has comparatively less cost.

As of now, Fast-Track Merger is the best option to go ahead in Mergers and Acquisitions because it’s saved time to complete merger through the court process and save cost too. FTM will help small companies in strengthening the position in their market.

[Suggested Read: Statutory Compliances of a Private Limited Company]

Checklist of Fast Track Mergers in India

  • Verify if there’s a specific clause for mergers in the Articles of Association (AoA)
  • Issue notice for the Board Meeting
  • Prepare the draft scheme of Amalgamation or Merger
  • Get the draft scheme approved in the board meeting by the director or its authorized agent
  • Prepare the Statement of Assets and Liabilities
  • Get Auditor’s Report on the Statement of Assets and Liabilities
  • Send a notice in Form CAA-9 of the proposed scheme inviting objections or suggestions, if any, within 30 days of issuing the notice from the Registrar and Official Liquidators where the registered office of the respective companies are situated or persons affected by the scheme with the attachments are given below: Scheme of Merger or Amalgamation, Pre and post Merger Shareholding of the Transferee Company, Last 3 years Audited financial statements with Auditors report thereon filed to ROC, MOA and AOA and Board Resolution
  • Valuations report for Share Exchange ratio from the registered Valuer
  • Valuation report may not be required in case of WOS Company

For a complete list of checklist and guidance, reach out to our experts.

Voluntary Retention Route for Investments by Foreign Portfolio Investors (FPIs)

Introducing Voluntary Retention Route for Investments by Foreign Portfolio Investors (FPIs) 

The Statement on Development and Regulatory Policies in the Monetary Policy Statement dated October 05, 2018 had announced a separate scheme called ‘Voluntary Retention Route’ (VRR) to encourage Foreign Portfolio Investors (FPIs) to undertake long-term investments in Indian debt markets. Under this scheme, FPIs have been given greater operational flexibility in terms of instrument choices besides exemptions from certain regulatory requirements. A discussion paper on the VRR scheme was placed on the Reserve Bank’s website for public consultation. Based on the feedback from the public and in consultation with Government of India, the scheme has been finalized and has been notified today, vide, A.P (DIR Series) Circular No. 21 dated March 1, 2019.

Investment under the VRR scheme shall be open for allotment from March 11, 2019. The details are as under:

  1. The aggregate investment limit shall be ? 40,000 crores for VRR-Govt and ? 35,000 crores for VRR-Corp.

  2. The minimum retention period shall be three years. During this period, FPIs shall maintain a minimum of 75% of the allocated amount in India.

  3. Investment limits shall be available on tap for investments and shall be allotted by Clearing Corporation of India Ltd. (CCIL) on ‘first come first served’ basis.

  4. The investment limits under the current tranche shall be kept open till the limits are exhausted or till April 30, 2019, whichever is earlier.

  5. FPIs desirous of investing may apply online to CCIL through their respective custodians.

  6. CCIL will separately notify the operational details of application and allotment.

Source: RBI

[RBI Regulatory Update] – FPI NCD route – Voluntary Retention Route (Revised scheme)

RBI notifies the revised Voluntary Retention Route for Investments by Foreign Portfolio Investors (FPIs) and opens allotment ‘on tap’

Reserve Bank of India introduced the Voluntary Retention Route for Investments by Foreign Portfolio Investors (FPIs) on March 01, 2019. Limits for investment in debt by Foreign Portfolio Investors (FPIs) were offered for allotment ‘on tap’ during March 11 – April 30, 2019. Based on the feedback received, and in consultation with the Government, the Bank has made certain changes in the scheme to increase its operational flexibility. The revised scheme has been notified today, vide, A.P. (DIR Series) Circular No. 34 dated May 24, 2019.

The revised VRR scheme shall be open for allotment from May 27, 2019, as per the following details:-

  1. The investment limit shall be ? 54,606.55 crores, under the VRR–Combined category, which allows investment in both government securities and corporate debt.

  2. The minimum retention period shall be three years. During this period, FPIs shall maintain a minimum of 75% of the allocated amount in India.

  3. Investment limits shall be available ‘on tap’ and allotted on ‘first come, first served’ basis.

  4. The ‘tap’ shall be kept open till the limit is fully allotted or till December 31, 2019, whichever is earlier.

  5. FPIs may apply for investment limits online to Clearing Corporation of India Ltd. (CCIL) through their respective custodians.

  6. CCIL will separately notify the operational details of application and allotment.

  7. FPIs that were allotted investment limits under the tap that was open during March 11-April 30, 2019, may, at their discretion, opt to convert their full allotment to ‘VRR-Combined’ by advising CCIL through their custodians. Such conversions shall not use up the investment limit of ? 54,606.55 crores indicated in para (a) above.

Sr. no




Original scheme


Revised scheme




Categories for debt investment


·VRR-Corp – Investment in Corporate Debt

·VRR-Govt – Investment in Government Securities


Additional category introduced i.e.

VRR-Combined – Investment in instruments eligible under both VRR-Govt and VRR-Corp




Investment Limits


·INR 40,000 crore for VRR-Govt; and

·INR 35,000 crore for VRR-Corp


The overall limit of INR 75,000 crore or higher, as may be decided by RBI

·INR 54,606 crore limit for VRR Combined




Availability of investment limits


Till the limits are exhausted or till 30 April 2019, whichever is earlier


Till the limit is fully allotted or till 31 December 2019, whichever is earlier




Time Limit for investment


·Invest 25% of the amount allocated within one month; and

·remaining amount within three months from the date of allotment.


·Invest 75% of the amount allocated within three months




Exiting from VRR at the end of the retention period


·Liquidate its portfolio and exit,

·Shift investments to the General Investment Limit, subject to availability of limits.


The Additional option of holding investments until the date of maturity or date of sale, whichever is earlier




Exiting from VRR prior to the end of retention period


·Selling investments to another FPI(s) (such FPI shall abide by all terms and conditions applicable to the selling FPI)


·Option of PART exit by sale to another FPI(s) has been provided

Source: RBI, Dhruva Advisors

Step by step approach to Private Equity deals

The first step in a private equity deal would be to assemble potential investors interested in the desired company. This may prove to be the most difficult step as most companies are ambiguous with their decisions regarding whether they wish to contribute to the said Private Equity deal. 

Once this step is completed, the next step would be to approach a banker. In most probability, the amount required to buy said company would be more than the accumulated sum from all the investors.

As soon as the investors have discussed upon the various aspects of the P.E., they must decide upon its execution.

On acquisition of the desired company, they have the option of stripping it down completely and building it up from scratch. This process is called ‘buying out’ and may include employing new staff and selling off assets.

After a certain period of time, they have the option of selling the built company for a potential profit. This helps in repayment of any bank loans previously taken.

2018 was a record-setting year, with P.E. exits reaching $26 billion, almost equal to the value of exits in the previous three years combined. The sharp rise was mainly due to the mega deal of Walmart buying a controlling stake in Flipkart for $16 billion from investors including Tiger Global. Other highlights include record deal value pushed by large investments, strong tech flow and very large exits.

Both open markets exists and P.E.-backed initial public offerings (IPOs) saw significant declines due to unstable stock markets. 2018 recorded $1.7 billion in open market exits across 56 deals- more than 70% decline by value and over 56% drop by volume.

A series of laws govern P.E. deals in India. The important laws include-

The Companies Act, 2013

Where an investor approaches a company, questions regarding the procedure of the investment and in what manner rights can be granted to the investor come to surface. Depending on the manner as mutually agreed upon between the Company and the Investor, the P.E. Investment is made in a company. Accordingly, statutory compliances that the companies need are ascertained. These statutory compliances can further be subdivided into those which relate to a) the transaction related to the investment and b) other conditions precedents to the investment.

 Section 42 and Rule 14 of the Companies (Prospectus and Allotment of Securities) Rules, 2014

Where a Company is willing to raise funds through a private placement of securities, the provisions of Section 42 need to be complied with. Private Placement means any offer of securities or invitation to subscribe to securities made to a group of persons selected by the company (other than by way of public offer) through the issue of a private placement offer letter and which satisfies the conditions specified in section 42.


  • 2018 was the best year for PE/VC exits in India: Report, LiveMint –
  • Private Equity in Asia-Pacific 2019, Bain & Company  –
  • Private Equity in India: The Legal Perspective, Apurv Sardeshmukh, LegallyIndia –

[IMPORTANT] RoC Compliances for LLP

Registrar of Companies (RoC) Compliances for LLP

Three mandatory compliances for LLP

  • Annual Return – Form 11
  • Statement of the Accounts/Financial Statements – Form 8
  • Income Tax Returns Filings

Form 11 – LLP Annual Returns

Annual Returns or you can say Form 11 is a Summary of LLP's Partners like whether there are any changes in the management of the LLP. Every LLP is required to file Annual Return in Form 11 to the Registrar within 60 days from the closure of financial year i.e before 30th May every year.

Form 8 – Statement of the Accounts for LLP

All LLPs are required to maintain the Books of Accounts and have to prepare a Statement of Solvency (Accounts) every year ending on 31st March. Form 8 is to be filed with the Registrar of LLPs on or before 30th October every year.

Income Tax Returns Filing for LLP

Every LLP has to file the Income Tax Returns using form ITR 5. The deadline for LLP ITR filing is July 31st if tax audit is not required. LLP whose turnover exceeded Rs. 40 Lakh or whose contribution exceeded Rs. 25 Lakh are required to get their accounts audited by a practicing Chartered Accountant. The deadline for tax filing for LLP required to obtain an audit is September 30th. 

Legal and Financial Consequences of GDPR for Indian Startups

The General Data Protection Regulation, abbreviated as GDPR, was introduced on May 25, 2018. The regulation applies to every entity – big or small that has operations in the European Union in processing the data in an automated manner. This means that even if you are an Indian company having EU customers and process their data, then you will need to comply with this new data protection regulation. 

What is Personal data?

The new regulation slightly changes the definition of personal data, as it also extends it to ID numbers, location information, property, and social status, as well as indicators relating to physical and mental health. What's more, even genetic and biometric data that could identify the chosen person will be considered personal data. This may lead to some kind of revolution in this field. Data owners will gain new permissions, and administrators will be forced to perform further duties. This means that it will be necessary to introduce numerous safety mechanisms on many levels, including administrative and technical. 

The need for GDPR

Personal data leakage has become a routine phenomenon these days. Such data leaks is a threat to millions of individuals as their personal identity, financial details are made public. The new GDPR law may put an end to these crimes whether intentional or system failure. A heavy financial penalty may be a deterrence for large companies to strengthen their systems and processes in accordance with the law. Every aspect of data processing needs to be well-planned out without a room for any error. 

In addition, the basis for their processing must be determined, which is connected with the preparation of an information clause for all persons whose data will be obtained. However, this is not all. The most important change concerns the purpose for which personal data is to be obtained. It should be legally justified. Data that are outdated or incorrect must be removed immediately. This provision may be problematic for entities that collect personal data for many years and have not yet verified them. Updating such a database will certainly take a lot of time, but it is obligatory.

The GPDR also involves setting the maximum time at which personal data will be stored. The base should enable achievement of the previously assumed goal, and when it is completed – it should be removed. Therefore, the data processors have a lot of responsibility because they will be obliged to verify them. They must also check whether the data is used for specific pre-defined purposes.

Legal consequences for non-compliance with the GDPR

Each entity that owns and manages a personal database must assess the risk of undesirable disclosure of personal data before taking any action. The changes also apply to the formal consent that must be given to the person whose data will be processed. In the beginning, all these changes may turn out to be a bit problematic, especially due to the amount of work and time spent on the database verification or its current update. Non-compliance with the regulation introduced soon will, however, be associated with legal consequences in the form of high financial penalties.

Ensuring an adequate level of data protection is a priority and should be treated as such. Thanks to GDPR, it is possible to effectively fight cybercrime and data leaks. It seems, therefore, that the changes introduced will have a positive effect on everyone.

GST return filing date extended for Taxpayers in Kerala, Mahe and Kodagu

Extended Due Dates for Filing of GST Returns

The Central Board of Indirect Taxes & Customs (“CBIC”) has issued a Press Release dated August 21, 2018, which extends the due dates for filing of the following GST returns by registered taxpayers in the following areas as per appended table, due to severe floods in Kerala, Mahe (Puducherry) and Kodagu (Karnataka).

Sl.No. Return Class of taxpayers registered in Kerala, Mahe (Puducherry) and Kodagu (Karnataka) Extended due date
1 FORM GSTR-3B for the month of July 2018 All taxpayers 5th October 2018
2 FORM GSTR-3B for the month of August 2018 All taxpayers 10th October 2018
3 FORM GSTR-1 for the quarter July to September 2018 Taxpayers having turnover up to Rs. 1.5 crore 15th November  2018
4 FORM GSTR-1 for the month of July 2018 Taxpayers having a turnover above Rs. 1.5 crores 5th October 2018
5 FORM GSTR-1 for the month of August 2018 Taxpayers having a turnover above Rs. 1.5 crores 10th October 2018

MCA to revise SPICe MoA & SPICe AoA

The Ministry of Corporate Affairs (MCA) had brought forward a motion in 2017 to introduce the SPICe 1 Form INC-32, which is a Simplified Proforma for the purpose of incorporating companies electronically in pursuant to the Companies (Incorporation) Fourth Amendment Rules, 2016.

A company can be incorporated with a single application for reservation of name by using the SPICe Form. Furthermore, application for the allotment of a DIN 2 is also possible using the Form. The INC-32 is similar to the INC-29, whose purpose is also to fast-track the incorporation of companies in India. However, the Integrated Form INC-29 has been replaced with the SPICe Form and the INC-29 has been put out of practice by the MCA.

Having understood what the SPICe Form is in itself, it is necessary to understand the purpose of the Form. In simple terms, the Form deals with the application for reservation of name, incorporation of new companies, application for allotment of DIN, PAN or TAN. The Form is further supported by a vast range of documents which includes details of the subscribers, directors, Memorandum and Articles of Association. When the Form has been processed and deemed to be complete, the company would be legally registered and the CIN would be allocated.

Accordingly, the DINs also get issued to the relevant directors. A maximum of three directors is allowed to apply for their DINs using the SPICe Form itself at the time of incorporation. The remaining directors would have to go through the standard application process as codified by the MCA, and published as Rules in the Gazette of India. The Company would also be eligible for the allotment of a PAN and TAN.

It is evident by now that the SPICe Form can ensure the speedy incorporation of a company by integrating multiple steps into a single process. Given below are the types of companies that can be incorporated in India:

  1. Public Limited Company
  2. Private Limited Company
  3. Producer Company
  4. Section 8 Company
  5. One Person Company

The revisions as addressed in the title of this article is in light of the Central Government attempting further the ease of doing business in India. Some of the notable changes are as follows – 3

1. Zero Fees for Incorporation – To promote the ease of doing business, especially for younger businesses and startups, the MCA has announced that no fees will be required for incorporation for SPICe Forms, e-MoAs and e-AoAs. This saves young start-ups multiple thousand rupees, encouraging them to register their companies.

2. Introduction of Reserve Unique Name – The name reservation process has been simplified by the MCA by introducing the Reserve Unique Name Form (RUN). Prior to this, the company name had to be reserved in advance through an INC-1 form or directly through the incorporation application (SPICe Form). These have now been replaced by the RUN form.

3. Director Identification Number (DIN) – The initial procedure for the application of DIN was via the e-Form DIR 3 or at the time of incorporation through the SPICe Form itself. However, as per the new rules, the SPICe Form shall become the primary application portal, along with their proof of identity and address. Existing companies can still use the DIR-3 Form for the purpose of adding directors.

There have also been efforts to simplify the PAN and TAN allocation process for companies. Steps have also been taken to improve Corporate Governance in the country by amending the Companies (Amendment) Act of 2017 4 and the Insolvency and Bankruptcy Code. 5 There also been efforts to improve the status of commercial arbitration in the country on similar lines. These efforts have increased India’s position in the Global Ease of Doing Business List by 30 spots. 6

Hence, ever since the Start-up initiatives launched by the government, there have definitely been some concrete steps taken to not only make business easy for startups but also bring about mobility and vibrancy to the sector as a whole. The new amendments to the Company Rules in pursuant to the Companies Act, not only simplify the legal procedures businesses have to go through but also make the system free of any loopholes and limitations.

1. Simple Form for Incorporating Company – Ministry of Corporate Affairs

2.Director Identification Number (DIN) – Section 266A and 266B of Companies Act, 1956

3. Government announces company incorporation with zero fees: Yourstory Media –

4. The Companies (Amendment) Act, 2017 – Act No. 1 of 2018

5. Insolvency and Bankruptcy Code, 2016 – Act No. 31 of 2016

6. Economy Profile – India –

All about Form AOC-4 – XBRL

In simplest of terms Form AOC4 – XBRL is a medium of filing XBRL documents with regard to financial statements and other official documents with a government authorized registrar. The term XBRL itself stands for “extensible business reporting language”. With various looming issues surrounding filing procedures by large companies, there were many steps taken by the Ministry of Corporate Affairs to harmonize the whole procedure. These efforts took shape in what came to be the Companies (Filing of documents & Forms in Extensible Business Reporting Language) Rules of 2015.

File financial statements and other legal documentation

As per Rule 3 of the said notification, there exists a list of a class of companies who are required to file their financial statements and other legal documentation under section 137 of the said Act, via the medium of Form AOC4 – XBRL. Below mentioned are the classes of companies that are mentioned in the Rule.

  • All companies publicly listed in Indian Stock Exchanges and their subsidiaries
  • All companies that have a paid-up capital of 5 crores or more
  • All companies that have a turnover of a hundred crores or more
  • All companies that were covered by default under the Companies (Filing of Documents & Forms in Extensible Business Reporting Language) Rules, 2011

Companies (Filing of Documents & Forms in Extensible Business Reporting Language) Rules

Hence as implied, all companies coming under the Companies (Filing of Documents & Forms in Extensible Business Reporting Language) Rules,1 shall be required to file their financial statements and other legal documents in e-form via the Form AOC-4 XBRL. The rest of the companies, however, may continue filing their statements via forms AOC-4 and AOC-4 CFS as already practiced.

Form AOC-4 CFS, on the other hand, is also an e-form that is used to prepare consolidated financial statements pursuant to the Companies Act. 2 As per Rule 12(1) of the Company (Accounts) Rules 2014, companies that have one or more subsidies both within and outside India, are required to file AOC-4 and AOC-4 CFS with regard to their financial statements and consolidated financial statements respectively.

Exemption for certain types or classes of companies

However, as per the provisions of Rule 3, certain types or classes of companies are exempt from having to undergo the XBRL filing procedure. These include firms or companies in banking, insurance, non-banking financial firms, power sector companies or housing finance-related firms.

Download the sample PDFs – Instruction Kit for AOC-4-XBRL

In terms of the steps to fill out the Form, the Ministry of Corporate Affairs has made available sample PDFs of the form and instruction manuals to fill out the document correctly through their website. 3 Some of the important fields that are required to be filled out in the form include the following – 4


1.Companies (Filing of Documents & Forms in Extensible Business Reporting Language) Rules of 2015 –

2. The Companies Act,2013 – Act No.18 of 2013

3. Instruction Kit for AOC-4-XBRL –

4. The numbering in this article does not reflect the original numbering scheme of the instruction kit. It has been abridged for the reader’s convenience.

  1. Corporate Identity Number (CIN)
  2. Financial Year to which the financial statements relate
  3. Nature of the financial statements
  4. Nature of revision
  5. Whether the company holds Annual General Meetings
  6. If Schedule 3 of the Companies Act, 2013 is applicable
  7. Type of Industry
  8. Whether consolidated statements are required or not
  9. Comments of the Comptroller Auditor General of India in the case of government companies
  10. Whether Secretarial Audit is applicable
  11. Details of Specific Bank Notes (SBN)

In terms of recent developments around Form AOC-4 – XBRL, the Ministry of Corporate Affairs has extended the last date of filing of the same pursuant to the Companies Act, 2013 without the requirement of additional fees. The last date for filing in most cases used to be 31st May and was going to be the same in 2018. However, in the early weeks of May, according to official notifications from the government, the last date for filing the AOC-4-XBRL form has been extended, after the consideration of requests received from the stakeholders of multiple companies. 5

There have also been notifications that the extension of date shall be applicable for all companies that are required to prepare their financial statements in accordance with Companies (Indian Accounting Standards) Rules, 2015 for the financial year 2016-2017, without the requirement of any further additional fees till 31st May of 2018.


5. Ministry of Corporate Affairs extends AOC-4 filing due date up to 31st May 2018 –

GST Council working on simplifying the process of filing GST returns

The Ministry of Finance, headed by Arun Jaitley, has decided to simplify the process of filing Goods and Services Tax (GST) returns and an announcement in this regard is likely to come soon. This will further ease the problems being faced by traders.

“In the 25th GST Council meeting held in January this year, the Ministry of Finance had given indication of possible changes in the procedure for filing GST returns. Further an expert panel was set up to work on the process of making GST return work simpler.

The panel has charted out a simpler version of GSTR and the ministry is likely to announce the new form of GST return process soon,” a source who was part of the GST Council meeting said.

The changes were expected to be announced in the GST Council meeting held in January, but the Ministry of Finance did not make any conclusive announcement then, only saying that there were several alternative presentations on how to ease the process of filing GST returns and the GST Council will try to incorporate these presentations to ease the process of filing GST returns.

There are four kinds of GST return forms—GSTR-1, GSTR-2, GSTR-3 and GSTR-3B. While GSTR-1 contains details of all outward supplies, GSTR-2 contains all details of inward supplies or purchases, GSTR-3 contains all furnished details of all inward and outward supplies and GSTR-3B is a self-declaration form filed by a dealer.

In the 23rd GST Council meeting, it was decided that filing of GSTR-2 and GSTR-3 forms would stop and only the filing of GSTR-1 and GSTR-3B would continue. According to experts, the current GST return filing process is cumbersome work for traders and there is an urgent need to change the whole process.

If the changes that the Ministry of Finance is planning to effect come about, a businessman or dealer will only have to file the GST-3B form and will be required to upload supply invoices.
Addressing the problems faced by traders in filing GST returns in its 23rd meeting, the GST Council had made sweeping changes.

The Council had tried to ease the burden of complying with GST rules for traders and businesses by relaxing deadlines for filing returns and fines for late filing.

The bulk of capital of thousands of exporters is stuck with the GSTN as the refunds claimed by them have not been given.