GST Council's next meet: Simplification of returns process likely on cards

The Times of India By TIMESOFINDIA.COM Feb 20, 2018, 17:11 IST

NEW DELHI: The Goods and Services Tax or GST Council is scheduled to huddle for its next meeting on March 1 via video-conferencing. In this meeting, it is expected that the council may focus on simplification of the GST return process to strengthen the "honest tax payers" base.

At its 25th meeting in January, the council had reduced tax rate on 29 items and 54 categories of services.

Initially, when the GST was launched on July 1 last year, the businesses were mandated to file a simplified sales return 3B and also final sales returns (GSTR-1), purchase return (GSTR- 2) and finally the two returns were required to be auto-populated to generate GSTR-3.

As businesses complained of hardship in filing GSTR-2 on the GSTN portal, the Council in November decided to keep filing of GSTR-2 and 3 in abeyance till March. All businesses now file GSTR-3B every month.

Businesses with turnover up to Rs 1.5 crore have to file GSTR-1 every quarter, while those with turnover over Rs 1.5 crore have to file the return on the 10th day of the succeeding month.

The government appointed panel on GST returns is looking at reducing the requirement of filing three returns a month and to help honest tax payers with a simplified process.

"We have to do it (simplify returns) as early as possible because the Council has decided with regard to filing of GSTR-1, 2, 3 only till March 31. So before that, a new system should come in place so that we can implement it at the earliest," GSTN chairman Ajay Bhushan Pandey said.

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