GST Council likely to give relief to traders, Centre may tweak return filing rules
NEW DELHI: Merchants and businessmen are prone to obtain aid within the Items and Companies Tax (GST) Council assembly, scheduled to be held on Saturday. The Council, chaired by Finance Minister Arun Jaitley, is anticipated to increase the ultimate deadline for submitting of simplified gross sales return GSTR-3B by six months. At the moment, the final date to file returns is March 31, 2018.
The Council may also finalise the method for simplified return submitting process for companies registered underneath GST regime. The final date for submitting preliminary GSTR-3B returns for a month is the 20th of the following or subsequent month.
“The brand new return submitting system, if agreed upon by the Council, would take about three months to be applied. Until then GSTR-3B might proceed,” an official instructed PTI.
With a majority of companies complaining of problem in submitting returns, the GST Council requested Bihar Deputy Chief Minister Sushil Kumar Modi-led Group of Ministers (GoM) in January to work out a simplified return submitting course of so that companies can refill solely a single kind to file returns underneath GST.
Simplified gross sales return GSTR-3B was launched in July of final yr, the month of GST roll out, to assist companies to file returns simply within the preliminary months of GST roll out. This was to be adopted with submitting of ultimate returns — GSTR – 1, 2 and three.
“GSTR-3B submitting system has stabilised and companies are comfy. So, companies can proceed to pay taxes by submitting 3B until the time new return submitting system is put in place,” the official added.
The group of ministers met final month to work out a simplified return kind, however the assembly remained inconclusive.
Within the GoM meet, the Centre and state officers offered their mannequin for return simplification, whereas Nandan Nilekani additionally made his presentation. The thought is GST return kind ought to be simplified, it ought to ideally be one return each month, Modi had mentioned.
About eight crore GST returns have been filed thus far on GST Community portal because the implementation of GST on July 1. In absence of anti-evasion measures and bill matching, the GST collections have declined since July.
As per official information obtainable, in January 57.78 lakh GSTR-3B returns have been filed, which fetched Rs 86,318 crore income to the exchequer.
For December 56.30 lakh GSTR-3B have been filed which fetched Rs 86,703 crore income to the exchequer, whereas in November 53.06 lakh returns have been filed with complete income of Rs 80,808 crore. Collections topped Rs 95,000 crore within the preliminary month of July.
With PTI inputs