Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 12-5-2018 – It its 27th meeting held on 4th May, 2018, GST Council, the high powered Constitutional body to take decisions on levy and administration of Goods and Service Tax in India considered various issues and concerns and made recommendations. These recommendations are subject to detailed consideration by Group of Ministers or other bodies and shall be implemented in due course. GST Council inter alia, made the following recommendations in its last meeting held on 04.05.2018: Towards Simplification of returns: Government is keen to introduce the simplified return design at the earliest to reduce the compliance burden on the trade in keeping with the philosophy of ease of doing business. Returns shall be simplified also by reducing the content/information required to be filled in the return. The details of the design of the return form, business process and legal changes would be worked out by the law committee base
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ax credit from buyer on non-payment of tax by the seller. Recovery of tax or reversal of input tax credit shall be through a due process of issuing notice and order. The process would be online and automated to reduce the human interface There will be three stage Transition Model as follows: Stage I: the present system of filing returns, which suppose to continue for period not exceeding 6 months. Stage II: New invoice wise return facility and claiming of ITC on self declaration basis. Stage III: After 6 month of phase II, the facility of claiming ITC on provisional basis will get withdrawn and input tax credit will only be limited to invoices uploaded by seller from whom dealer had purchased the goods. GSTR-I and GSTR 3B returns will continue for 6 months more. Incentive to promote of Digital Transaction With a view to promote less cash economy, Council discussed a proposal for concession of 2% in GST rates on B2C supplies for which payment is made through cheque or digital mode, subj
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ide shared IT infrastructure and services to Centre and States Governments, tax payers and other stakeholders for implementation of Goods and Services Tax (GST) in the country. Presently, the Central Government and State Government are holding 24.5% equity shares respectively and the remaining 51% are held by non-Governmental institutions and through various mechanisms, GSTN is under strategic control of government. GST Council decided as follows: Acquisition of entire 51% of equity held by the Non-Governmental Institutions in GSTN amounting to ₹ 5.1 crore, equally by the Centre and the States governments and allow GSTN Board to initiate process for acquisition of equity held by the private Companies; and GSTN Board shall be allowed to continue the existing staff at existing terms and conditions for the a period upto five years, and shall have the flexibility of hiring people through contract on the terms and conditions similar to those used by GSTN till now while hiring regular
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