simplification of GST return filing process will be discussed at the next meeting of the GST council , finance minister arun jaitely said on Thursday.
New Delhi : Union Finance Minister Arun Jaitley, on Thursday, said that the Goods and Services Tax (GST) Council majorly discussed the simplification of the return filing process. “Simplification of the return filing process was a major topic of discussion at the meeting,” Jaitley said while speaking at a press conference following the GST Council’s 25th meeting in Delhi earlier in the day
The Minister said that simplification of the return filing process was a major topic of discussion, as the Council felt that the Ministers’ group, the IT committee and Nandan Nilekani should discuss the simplification process and formalise an alternative system following a video conference meeting soon. “The discussion was culminating in a direction that, initially there will be a 3B return and there will be a supplier’s invoice which could be adequate. This will be a very simple process,” the finance minister added.
Jaitley added that simplification of the return filing process will be discussed in the 26th meeting, which will be held over video-conferencing, reports ANI.
“Nandan Nilekani made a detailed presentation on the option available to simplify the return filing process. The direction was that return filing under GSTR 3B will continue and the sellers and suppliers should load their invoices, after which details of supply made can be furnished. It is given that the 3B return between buyer and supplier will reflect the supplies made. If there is any difference between the two, at a later stage they can be asked to explain,” said Jaitley.
Abhishek Jain, Tax Partner, EY, said in a statement “Though the GST Council did not finalise the simplification of the GST Return filing process; from the press briefing of the Union Finance Minister, it seems that the GST Council may in their next meeting decide requirement of filing only two returns i.e. GSTR 3B and GSTR 1 and may do away with GSTR 2 and GSTR 3. GSTR 1 will provide the Government all the invoice level details of the suppliers basis which the government can verify the credit the credit availed by the purchasing tax payer. If implemented, this may simplify the GST return filing process, but at the same time keep any possible revenue evasion in check.” Goods and services tax (GST) collections slipped for a second straight month in November, to Rs 80,808 crore, down from over Rs 83,000 crore in the previous month, reported the PTI. The total GST collection stood at Rs 80,808 crore for November and 53.06 lakh returns have been filed for the month, a Finance Ministry statement said in the last week of December.
Of the Rs 80,808 crore collected, Rs 7,798 crore has been garnered as compensation cess in November – the fifth month of the GST roll out. Besides, Rs 13,089 crore has been collected as Central GST (CGST), Rs 18,650 crore as State GST (SGST), and Rs 41,270 crore as Integrated Goods and Services Tax (IGST). Goods and Services Tax collections in July were over Rs 95,000 crore, while in August the figure was over Rs 91,000 crore. In September, it was over Rs 92,150 crore and in October it was over Rs 83,000 crore.The Goods and Service Tax Act came into effect on 1st July 2017. The Act was passed in the Parliament on 29th March 2017.
