Feb 20, 2018 09:47 PM
IST | Source: Moneycontrol.com
The GST Council headed
by finance minister Arun Jaitley is likely to meet on March 10 via video
conference to finalise a simpler tax return filing process, a senior government
official told Moneycontrol.
In the last Council
meet on January 18, there were extensive discussions between states and the
Centre to simplify the return filing process, while reaching a conclusion to
keep the concept of invoice matching—key measure against tax evasion—intact.
A ministerial group
headed by Bihar finance minister Sushil Modi, information technology committee
head GST Network (GSTN) chairman Ajay Bhushan Pande, Infosys head and former
UIDAI chairman Nandan Nilekani had put forth possible suggestions towards
making the return filing process less complex.
Jaitley had indicated
that in the future a single stage return filing will be introduced to reduce
compliance burden and ease procedures for businesses.
Meanwhile, businesses
will have to file GSTR3B or the summary form for the next few months, till the
new mechanism is announced and similar changes are made in the software, the
official said.
“Businesses will have
to file summary form GSTR3B for the next few months…beyond March 31 as decided
earlier,” the official said.
This would mean that the
three key return forms—GSTR1 (outward supply), GSTR2 (inward supply) and GSTR3
(the final netted out return)—will be consolidated into a single form.
No comments:
Post a Comment