Moving away from the complicated system of filing 3 returns per month, the GST Council is likely to accept a single monthly return with the attachment on sale and purchase.
NEW DELHI, FEBRUARY 16
Bringing relief to the taxpayer, the GST council to meet in March finalize a new and simplified return filing format.
Recently, during a meeting with GST network chairman AB Pandey met with stakeholders including industry chambers and traders on Thursday to get their views on a simplified return filing process.
“All participants are keen for a single and simplified return format,” said a person familiar with the development.
Bihar’s Deputy Chief Minister Sushil Modi’s expert panel is now expected to meet the end of this month to finalize his recommendations.
Moving away from the complicated system of filing 3 returns per month, the GST Council is likely to accept a single monthly return with attachments on sale and purchase. Return filing will be done in a staggered manner by the big and small taxpayers between 10th and 20th of every succeeding month.
The source said, “The council was expected to meet in the first week, but due to Holi, it could be adjourned around 10th March.”
After the last meeting of the GST Council on January 18, Finance Minister Arun Jaitley had said that a discussion on the single return system of GST 3B was initiated, and buyers and sellers were uploading invoices.
“Later, in case of any differences, they can be asked to explain them”, he said, essentially GSTR-1, GSTR-2, and GSTR-3 will no longer be used.
Presentations on Return Filing were also made by Sushil Kumar Modi, who is the head of the Group on IT Systems, GSTN CEO Prakash Kumar and Non-Executive Chairman of Infosys Nandan Nilekani
Apart From filing returns, GST Council is expected to examine the deferred provision of E-Way Bill and how to restart it.
In addition, it will review the rates of certain items including handicrafts on the basis of the recommendations of the Fitment Committee of the officers.
