The GST Council meeting to be held on 10 March, In the meeting traders, are expected to get big discounts in the case of filing tax returns.
For filing tax returns under GST, arrangement for filling only one form can be started instead of 3 and returns can be given on the basis of the same form. This proposal may be approved at the meeting of the GST Council on Saturday.
It is believed that this time GST Council will be able to complete all the returns on the basis of Form GSTR-3B, giving great relief. Apart from this, the current system of refund can be simplified and can get rid of the hassle of billing matching.
On the seller’s bill, the buyer is offered ITC i.e. input tax credit. There is a difference between business and council members on this proposal. There is a possibility of obtaining an input tax credit by creating a fake company.
Only after the seller has paid tax, the system of giving ITC will be considered. The option of giving provisional ITC on the lines of VAT and excise will be considered.
In this meeting, the e-way bill can be approved for effect from 1st April. Due to technological shortcomings, the stuck e-way bill will be effective from 1st April. The e-way bill under GST system will be implemented from February 1. It had to happen, but due to all the hindrances, it had to be stopped. From April 1, the Inter-State e-bill will be implemented in the country.
This was agreed at the meeting of GST Network Committee. In the first phase, the Inter-State e-way bill will be implemented. It is recommended to implement this system. The final approval will be given by the GST Council. According to Sushil Kumar Modi, Chairman of the Group of GST Council Ministers, about 4 to 5 states will be connected every week from the network. 9.5 lakh merchants have been registered on the e-way bill, which will be given direct benefit.