Economy

Industry awaits GST return simplification

K.R. Srivats New Delhi | Updated on April 26, 2018 Published on April 26, 2018

File Photo of Finance Minister Arun Jaitley   -  PTI

Jaitley to chair GST Council meet on May 4

The GST Council will meet on May 4 to discuss, among other things, simplifying GST returns. The meeting, to be chaired by Finance Minister Arun Jaitley, is also expected to discuss “other anti-evasion measures”, informed sources said.

The meeting will be conducted through video conference mode.

For GST return simplification, there are three models before the GST Council. Stakeholders and trade bodies were asked to directly write to the GST Council expressing their views on the most appropriate model.

It may be recalled that e-way bills — another anti-evasion measure — introduced from April 1 has seen good response with more than 2 crore e-way bills generated since the first day of this month.

April 24 accounted for the highest single day figure so far, exceeding 13 lakh bills.

E-way bill on inter-State trade is mandatory from April 1. For intra-State trade, e-way bill has been mandated in respect of 16 States and one Union Territory.

With businesses gradually warming up to the new system that came into effect this month, both the number of e-way bills generated every day as wells the number of taxpayers and transporters registering with the system has been increasing at a steady pace. The number of taxpayers registered with e-way bill portal has crossed 16 lakh. It was 11 lakh on April 1.

Experts’ take

MS Mani, Partner, Deloitte India, said the next meeting is expected to focus on finalising the single return form and processes by selecting the most appropriate option, amongst the ones suggested. It could also focus on additional anti-evasion measures such as reverse charge since the e-way bill system is now getting stabilised.

R Muralidharan, Senior Director, Deloitte India, said that trade and industry is looking forward to the much awaited simplification of GST returns.

“While, in-principle, the need for matching at invoice level is appreciated, the Government can look at continuing with provisional credits without matching during the initial year. Further it is hoped that the Government would issue clarifications on matters represented before the GST Council to help businesses have certainty on tax positions,” he said.

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Published on April 26, 2018
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