Making GST return filing easier was a key objective when the state finance ministers met today for the 25th GST Council meet chaired by Union Finance Minister Arun Jaitley. A definite decision on the matter, however, will now be taken in the next Council meeting, while taxpayers may continue filing their GSTR-3B.
Till a definite remedy to GST return filing woes is found, the sellers and suppliers may continue to file their GSTR-3B and load their invoices. The details of supply can be provided after that. This will help track transactions between supplier and buyer.
Explanation could be sought from the seller later if there is any mismatch in the supply details. This will be a simple enough system, Jaitley said.
Since the rollout of Goods and Services Tax on July 1 last year, demands have been raised to simplify the tax return filing process under the new indirect tax regime. A ministerial group led by Sushil Modi has already been working in this direction, along with an IT committee under GSTN Chairman Ajay Bhushan Pandey, and portal service provider Infosys. All three parties presented alternatives before the Council today.
The ministerial panel made one alternative proposal during its presentation, whereas the IT committee presentation had two proposals for simplifying GST return filing, said Finance Minister Arun Jaitley during the press conference after the GST Council meeting. In his proposal, Infosys Chairman Nandan Nilekani presented a new return filing model which could bring buyer and seller together.
The Finance Minister further added, "In his presentation following those by the two panels, Nilekani assimilated these three proposals for the government to choose from. The Council felt that the three parties should discuss this in detail, and their findings will be forwarded to state finance ministers in writing on a later date."
The GST Council will look into the alternative proposals for simplifying GST return filing in its next meeting, which will be held through video conferencing. The official statement will be sent to the state finance ministers once the proposal in formalised, Jaitley said.
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