GST Council agrees on simpler return filing process

Irene MckinneyMay 06, 2018

As per a Bloomberg report by Mahima Kappor, the Goods and Services Tax Council today approved a simplified return filing system and chose to make the GST Network a government-owned entity.

Under the new fusion model, the tax payers will be spared to file the returns. Buyer would also be able to continuously see the uploaded invoices during the month.

New Delhi: India's services sector continued to improve in April, mainly spurred by increased business activities, and job-creation accelerated at the fastest pace in more than seven years, a monthly survey said today.

The council, an official added, will deliberate on the new simplified form to be common for both small and large taxpayers and providing some relief for NIL return filers by allowing them to file the return quarterly.

With no matching of invoices and the requirement of the buyers to upload invoices, the input tax credit would be available to buyers purely on invoices basis uploaded by the seller. The new system will be functional in six months. Stage I will be the present system of filing of return GSTR 3B and GSTR 1.

By end of this calendar year Goods and Services Tax assessees can breathe easy, as filing returns and getting the input tax credit will become easier.

Simple Return design and easy IT interface: The B2B dealers will be required to fill invoice-wise details of the outward supply made by them, based on which, the system will automatically calculate his tax liability. He also hoped the new system will prompt buyers to trade with genuine sellers. During this stage two, the dealer will be constantly fed with information about gap between credit available to them as per invoices uploaded by their sellers and the provisional credit being claimed by them.

Jaitley, however, asserted that the GoMs would make a recommendation to the council on the avenues for raising revenue to meet contingencies of this kind where the cost of commodity is much higher than its selling price and the committee would be announced over the next two days.

The food ministry had sought imposition of cess over and above the GST rate as now, sugarcane farmers are in deep distress as cost of sugar has risen beyond Rs 35 per kg, which is higher than the market price hovering between Rs 26-28 per kg.

As per the proposal a 2 per cent incentive in GST rate (where tax is 3 per cent or more) will be given to those who pay through digital mode (including cheque) with a cap of Rs 100 per voucher. He felt the ceiling of Rs 100 a transaction was conservative and needed to be increased, if it was to serve as a good incentive.

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