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Wednesday, February 21, 2018

GST Council meeting likely on March 10; focus on simplification of return filing process


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.



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