The Goods and Services Tax (GST) Council is scheduled to meet on May 4 to discuss the simplification of returns to boost compliance, an agenda that has been on cards for a long time now.
The 27th meeting of the Council, comprising state finance ministers, will meet through video conferencing and will also mull over the proposal of converting GSTN into a government company.
Sources said on May 4, Jaitley is likely to chair a meeting of the GST Council – the highest decision making body of the Goods and Services Tax (GST) regime. The meeting, which has been called for simplification of tax return filing process, will be held through video-conferencing at the Prime Minister’s Office (PMO).
Headed by Arun Jaitley, the Council, in the last meeting, extended the filing of GSTR-3B and GSTR-1 for another three months from April to June, 2018 until the new return system is finalised.
Earlier, Finance Minister Arun Jaitley gave a glimpse into the model, the GST Council might be considering. He said that the Council may choose to keep only GSTR-3B, along with supply invoices. While the process to simplify returns “culminated” in a direction, it has not been finalised yet.
When the GST was launched on July 1, 2017, there were four kinds of key GST returns forms — GSTR-1, GSTR-2, GSTR-3 and GSTR-3B. Later in November, GSTR-2 and GSTR-3 were eliminated and only GSTR-1 and GSTR-3B continued. The Council is looking to increase GST compliance and curb tax evasion. The average GST collection between July 2017 and February 2018 was about Rs 90,000 crore, which was a little short of the target.