New Delhi, Feb 23 (KNN) In an attempt to firm up the simplified “single-stage” return filing process, a ministerial panel under Bihar Deputy Chief Minister Sushil Modi will meet before the GST council meeting.
Nandan Nilekani and CBEC Excise Commissioner Manish Kumar Sinha and GSTN Chairman Ajay Bhushan Pandey are to be a part of the meeting.
The officials also met Finance Secretary Hasmukh Adhia on Wednesday.
After the meeting Pandey said from past 2 months series of meetings have been held by return simplification committee with state governments and trade associations.
He further mentioned that the GoM will meet on Saturday and discuss on various available options on GST return simplification and under Sushil, GoM will look into the matter of finalizing the simplified retun filing system on Feb 24 which will be taken up by the GST council.
He added that any system that turn out must ensure that on one hand government revenue is protected and on the other hand it will be convenient for taxpayers.
“It will ‘mostly be a single-stage’ return where invoices would be matched while buyer makes the payment for supplies”.
Separate dates of return filing for MSMEs and large businesses is also under consideration.
The new return filing process will be introduced from next fiscal year in order to give suitable time to businesses to adapt to the new software also to GST Network to develop a new system for glitch free filing of returns.
In the new system on the basis of invoice details filed by businesses on GSTN portal , GST returns would automatically populate.