NEW DELHI: The Goods and Services Tax or GST Council is scheduled to huddle for its subsequent assembly on March 1 by way of video-conferencing. In this assembly, it's expected that the council might center of attention on simplification of the GST go back procedure to toughen the "honest tax payers" base.
At its 25th assembly in January, the council had lowered tax rate on 29 items and 54 classes of services.
Initially, when the GST was once introduced on July 1 final year, the companies had been mandated to document a simplified sales go back 3B and in addition ultimate sales returns (GSTR-1), purchase go back (GSTR- 2) and after all the 2 returns had been required to be auto-populated to generate GSTR-Three.
As businesses complained of hardship in filing GSTR-2 on the GSTN portal, the Council in November determined to keep filing of GSTR-2 and three in abeyance till March. All businesses now document GSTR-3B each and every month.
Businesses with turnover up to Rs 1.five crore need to document GSTR-1 each and every quarter, whilst the ones with turnover over Rs 1.five crore need to document the go back on the 10th day of the succeeding month.
The govt appointed panel on GST returns is looking at reducing the requirement of filing 3 returns a month and to help truthful tax payers with a simplified procedure.
"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 stated.
(With PTI inputs)
At its 25th assembly in January, the council had lowered tax rate on 29 items and 54 classes of services.
Initially, when the GST was once introduced on July 1 final year, the companies had been mandated to document a simplified sales go back 3B and in addition ultimate sales returns (GSTR-1), purchase go back (GSTR- 2) and after all the 2 returns had been required to be auto-populated to generate GSTR-Three.
As businesses complained of hardship in filing GSTR-2 on the GSTN portal, the Council in November determined to keep filing of GSTR-2 and three in abeyance till March. All businesses now document GSTR-3B each and every month.
Businesses with turnover up to Rs 1.five crore need to document GSTR-1 each and every quarter, whilst the ones with turnover over Rs 1.five crore need to document the go back on the 10th day of the succeeding month.
The govt appointed panel on GST returns is looking at reducing the requirement of filing 3 returns a month and to help truthful tax payers with a simplified procedure.
"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 stated.
(With PTI inputs)
GST Council's next meet: Simplification of returns process likely on cards
![GST Council's next meet: Simplification of returns process likely on cards]()
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February 21, 2018
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