The Goods and Services Tax (GST) Council is scheduled to meet on March 10 for the 26th time to deliberate on issues related the new indirect tax regime. At the upcoming meeting, the Council members are expected to decide on the simplification of the monthly tax return by eliminating multiple filings under GSTR-1, GSTR-2, and GSTR-3.
The GST Council, headed by Finance Minister Arun Jaitley and comprised of state finance ministers, is likely to take a decision on the simplification of the GST returns to end traders’ woes. “26th meeting of GST Council scheduled to be convened on 10th March 2018 (Saturday) at Vigyan Bhawan, New Delhi,” according to the GST Council’s website.
After the last meeting in January, Arun Jaitley told reporters that the council members, GST Network members and Infosys chairman Nandan Nilekani discussed on ways to simplify tax returns filing.
He said that at the meeting, the process of simplification culminated a particular direction. However, the council felt the need to discuss it further before taking a decision. Arun Jaitley also gave a glimpse into one of the options pitched at the meeting which was to eliminate GSTR-1, GSTR-2, and GSTR-3, and to only continue with GSTR-3B.
Under the plan, businesses will only be required to file GSTR-3B along with supply invoices. He said that the Council will try to get it approved when it meets next time, the date for which has now been set for March 10. Recently, the GSTN announced a mini simplification before the big overhaul.
The GSTN, now, reflects input tax credit balance on the return forms to solve the problem faced by many taxpayers while its utilisation and computation. On the top of the screen, the GSTN now shows the current balance of ITC and cash registers. It also reflects tax head-wise liability, suggested ways to utilise ITC, and the balance amount to be paid in case.
The GSTN said that the interface and designing of the GSTR-3B have also been improved. At the initial stage, there were four types of tax return filings — GSTR-1, GSTR-2, GSTR-3 and GSTR-3B. GSTR-1 was for the details of all outward supplies, GSTR-2 was for the details of all inward supplies or purchases, GSTR-3 was for all furnished details of all inward and outward supplies and GSTR-3B was a monthly self-declaration filed by a dealer.
In the 23rd meeting, the GST Council extended dates for filing GSTR-1 and GSTR-3B, while temporarily removing GSTR-2 and GSTR-3.