The Goods and Services Tax (GST) Council is set to hold its 27th meeting on Friday to decide on the proposals to simplify the return-filing process and consider imposing cess on sugar to help sugarcane farmers.
Finance Minister Arun Jaitley will chair the meeting through video conferencing.
Though the meeting has limited agenda, many industry lobbies are doing their best to impress upon the Council to consider rate cuts, especially for cement, home appliances and multiplex tickets. The Council, however, is unlikely to take up any rate revision proposal.
The Council will take up the proposal for comprehensive return process as finalised by the Group of Ministers, headed by Deputy Chief Minister of Bihar Sushil Kumar Modi. The new process involves single return as against the present system of GSTR Forms 1-3. Though the registered assessees have to file only the GSTR Form 1 while the other two are auto-populated, there is still a misconception about filing 39 returns annually.
This is one of the reasons why the government is pushing for single comprehensive return form with details of inward and outward supplies. This will reduce the number of returns, help in invoice matching and have all details in one place. It may be noted that the earlier invoice matching system was suspended temporarily and registered assessees were expected to file GSTR Form 3B. Now, this will be done away with after the introduction of the proposed comprehensive mechanism.
Source: The Hindu Businessline