India: GST council to meet on 4 May 18 with simplifying returns on the agenda

  • Finance Minister Arun Jaitley-chaired GST Council will meet on 4 May 18 to discuss a simpler return form and the amendments required in the indirect tax regime rules.
  • The 27th meeting of the Council, comprising state finance ministers, will meet through video conferencing and will also mull over the proposal of converting GSTN into a government company.
  • A decision on return simplification could be on the cards with the Sushil Modi-led Group of Ministers putting before the Council the three models of new return form for discussion, an official said.
  • With Jaitley been advised by doctors to stay in isolation to avoid contracting infection, the meeting has been planned through video conferencing.
  • The Council had in Mar 18 discussed on two models of GST returns and suggested that the GoM would work further simplification.
  • The official said the amendment to the law would also be taken up once the Council clears the new GST return format.
  • One of the models presented before the Council was that provisional credit should not be granted unless the taxpayers file returns and pay taxes.
  • The second model stated that provisional credit could be granted to a taxpayer, but returns have to be filed within 3-4 months and taxes have to be paid or else the credit amount would be reversed.
  • After consulting the stakeholders, the GoM earlier in Apr 18 worked out a third model for return filing as per which credit could be extended once the invoice uploaded by the supplier is verified by the purchaser on the GSTN portal.
  • Jaitley had earlier asked Finance Secretary Hasmukh Adhia to “examine the possibility” of converting GSTN into a majority government company or a 100% government company. GSTN provides the IT backbone for the new indirect tax regime.

External Link : https://economictimes.indiatimes.com/news/economy/policy/gst-council-meet-on-may-4-simplifying-returns-on-agenda/articleshow/63910014.cms

25-Apr-2018


Leave a Reply