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GST Council unveils new return filing process
04 May 18 2 min read
The Goods and Services Tax (GST) Council, at its 27th meeting today, has unveiled a new simplified return filing process. The new system, which will come into effect in six months, will require a taxpayer to file only one return every month. However, composition dealer and zero-transaction dealers will have to file returns on a quarterly basis.
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The Council also approved making the GST-Network (GSTN) a government entity by allowing the regime to take over the stake held by private entities. While the Central government will own 50 per cent of the GSTN, the remainder will be owned collectively by the states.
The GSTN is a company that provides the IT backbone for the GST. At present, the Central government has 24.5 per cent ownership, and the state governments collectively own another 24.5 per cent. The remaining 51 per cent is with five financial institutions, viz HDFC Ltd, HDFC Bank, ICICI Bank, the NSE Strategic Investment Company and LIC Housing Finance Ltd.
Keeping in view the need to move towards a less cash economy, the Council also discussed in detail the proposal of a concession of 2 per cent in GST rate (where the GST rate is 3 per cent or more, 1 per cent each from applicable CGST and SGST rates) on B2C supplies, for which payment is made through cheque or digital mode, subject to a ceiling of ₹100 per transaction, so as to incentivise promotion of digital payment.
“The council has recommended for setting up of a Group of Ministers from state governments to look into the proposal and make recommendations, before the next Council meeting, keeping in mind the views expressed in GST Council,” an official release said.
The Council also recommended setting up of a Group of Ministers from state governments to look into imposition of sugar cess over and above 5 per cent GST and make recommendations, within two weeks, keeping in mind the views expressed in GST Council in this regard. (RKS)
Fibre2Fashion News Desk – India
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