GST Council meet: Good news for businesses! Single monthly return for everybody in next 6 months

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Updated: May 4, 2018 3:57:17 PM

The Goods and Services Tax (GST) Council on Friday decided to have a single monthly return for businesses in a bid to simplify the process and increase compliance.

Good news for businesses! Single monthly return for everybody in next 6 monthsThe GST Council decided to have a single monthly return for business

The Goods and Services Tax (GST) Council on Friday decided to have a single monthly return for businesses in a bid to simplify the process and increase compliance. However, the single monthly return will take another six months to get fully operationalise and until then, the existing system of GSTR-3B and GSTR-1 will continue, Finance Secretary Hasmukh Adhia told reporters. Simplification of GST returns filing was a long-time agenda in front of the GST Council.

Hasmukh Adhia said that single filing return will be applicable for everybody except for businesses opting for composition scheme and filing nil returns. The new single monthly return for B to C will have details of total turnover, for B to B it will have details of all sales invoices along with 4-digit HSN code.

In the transition phase, the return design will have a separate column in which dealer will be able to claim provisional credit at his won calculation for six more months, irrespective of whether or not the seller has uploaded the invoices, Hasmukh Adhia said.

“The Council has approved the new system of GST return but the software will take six months to get fully operationalised,” Finance Minister Arun Jaitley said.

The Group of Ministers (GoM) headed by Arun Jaitley also decided to buy-out 51% of the GST Network, making it a 100% government-owned entity. The central government will hold 50% and the state governments will collectively hold the remaining 50%. Another item on agenda of levying sugar cess to help farmers, which was deferred as states opposed the proposal. The issue has been referred to a group of five state Finance Ministers.

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