GST Council to meet today to consider simplification
of return filing process
Amidst difficulties in complying with the return
filing process under GST, the 26th GST Council meet is
expected to take up simplifying tax returns and also
deliberate on the status of the E-way bill that kicks in
by April 1.
The Group of state finance ministers under Bihar
Deputy Chief Minister Sushil Modi met on February 24 to
discuss the simplification process with Nandan Nilekani
making a detailed presentation of what the future tax
filing system could be.
At the 25th meeting of the GST Council held on
January 18, Finance Minster Arun Jaitley said there was
a general consensus on simplifying the return filing
process where GSTR 3B will continue, but a final
decision would be taken in the next Council meet. The
general consensus now is that there should be a
single-stage return where invoices are matched while
buyer makes the payment for supplies. |
|
Jailtely had on January 18 said that the system should
be such that the supply invoice should be merely loaded
and on that basis tax deposits should be made. “Since
there were three presentation, I can say that the
direction is that initially there will be a 3B return
and there will be a suppler invoice. This, we think will
be adequate and a simple system,” Jaitley had said.
If a final decision is made on the return format, the
Council in its meeting today is also likely to extend
the deadline for filing of simplified sales return
GSTR-3B by three months till June as it is expected the
time frame would be needed to get the new structure
implemented.
With total revenue collection under GST for the month of
January, till February 25 coming in at Rs 86,318 crore
compared to Rs 86,703 crore in December 2017, the E-way
bill is considered as an essential piece of the
anti-evasion measure. There have been meeting around
E-way bill and the rollout has now been deferred till
April 1 for inter-state movement of goods and June 1 for
intra-state movement of goods, the council may
deliberate on some other form of anti-evasion method.
The roll out of E-way bill was advanced to February 1,
but glitches on the portal meant movement of goods came
to a virtual standstill.
The GoM may also consider separate dates of return
filing for micro, small & medium enterprises (MSMEs) and
large businesses and also consider re-introduction of
Reverse Charge Mechanism (RCM) under Section 9(4) only
for those who opt for Composition Scheme.
Source::: The Economic Times,
dated 10/03/2018
|
|
|
|