The next GST Council meet is expected to take place on March 1 through video-conferencing, but with a limited agenda of simplifying the return process.
At the 25th meeting of the GST Council held on January 18, Finance Minster Arun Jaitley said there was a general consensus on simplifying the return filing process where GSTR 3B will continue, but a final decision would be taken in the next Council meet.
The Council on March 1 is expected to come out with a simplified process.
According to sources, Nandan Nilekani made a series of presentation after Budget and there seems to be some sort of finality in the approach to be taken.
This comes after Nilekani made a detailed presentation during the last GST Council meet on the options available to simplify the return filing process. The general direction at that meeting 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.
Jailtely had then said that the system should be such that the supply invoice should be merely loaded and on that basis tax deposits should be made. “Since there were three presentation, I can say that the direction is that initially there will be a 3B return and there will be a suppler invoice. This, we think will be adequate and a simple system,” he has said.
Since the Budget was slated for February 1, the general feeling was that more time was needed to look at different proposals and the FM had said there was a need to discuss things further and formalize. A not is expected to be the Ministers who would then, “Take it up in the 26th meeting on video conference to try and approve this alternative system,” said Jaitley.
While there is no surety, the implementation of E-way bill may also find a brief mention. While the GST Coucil has cleared all provision related to E-way bill and there is nothing much left for the Council to do, the state of preparedness of GSTN may be taken up briefly.
The roll out of E-way bill was advanced to February 1, but glitches on the portal meant movement of goods came to a virtual standstill. The Centre and States are eager to get the E-way bill in force because there is a feeling that some degree of tax evasion in movement of goods at the moment.
