Council simplifies GST returns

GST Meet

The GST Council, in its 27th meeting on May 4, 2018, approved simplified principles for filing return based on the recommendations of the Group of Ministers on IT simplification.

The council has made a decision to refer the issue to a committee headed by state finance ministers. "Considering the nature of "state" function performed by GSTN, the council felt that GSTN be converted into a fully owned government company", Jaitley said.

Majority of the GST processes, including registration, filing of returns, payment of taxes, processing of refunds are IT-driven and GSTN handles large-scale invoice level data of millions of business entities, including data related to exports and imports. In stage one GSTR1 and GSTR3B continuing for six months.

Further, B2B dealers will have to fill invoice-wise details of the outward supply made by them, based on which the system will automatically calculate the tax liability.

With no matching of invoices and the requirement of the buyers to upload invoices, the input tax credit would be available to buyers purely on invoices basis uploaded by the seller.

If the seller fails to pay the tax, the tax authorities will recover it from the seller, unlike in the current system where the buyer is asked to reverse the credit availed along with interest.

After 6 months of this phase 2, the facility of provisional credit will get withdrawn and input tax credit will only be limited to the invoices uploaded by the sellers from whom the dealer has purchased goods.

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In the third stage, after the system is deemed to have stabilised, no provisional input tax credit will be allowed for buyers.

In the second phase, with the new filing software in place, the seller will upload invoices on the GSTN portal.

The introduction of a sugar cess will "be against the intention of doing away with cesses in GST regime", Saloni Roy, senior director at Deloitte India said in an emailed statement. He said, the committee will be announced within next 2 days. The panel also includes Gujarat's Deputy Chief Minister Nitinbhai Patel, Haryana's Excise and Taxation Minister Captain Abhimanyu, West Bengal Finance Minister Amit Mitra and Punjab Finance Minister Manpreet Singh Badal.

Another agenda before the Council was rolling out some form of incentives to those who make digital payments.

There is also a proposal to introduce a Sugar cess of 5%, which if approved by the Council will in all probability come through a new Act of Parliament in the next session since the GST Act has no provision for cess.

The panel, the highest decision making body of the GST regime, agreed to change the ownership pattern for GST Network - the non-profit, non-government organisation that manages the entire IT system of the GST portal - into a wholly government-owned entity.

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