GST Council meet underway in Delhi
New Delhi, July 21 (KNN) The 28th meeting of the GST Council chaired by interim finance minister Piyush Goyal is underway deliberating upon several key issues on its agenda including rate cut on number of items, amendments to the GST law, simplification of return, and the setting up of a National Appellate Tribunal in Delhi.
This is the 28th time the GST Council is meeting with the agenda of lowering of tax rates on certain items including sanitary napkins, stationery items, and simplification of some tax rules.
The format for annual returns and audit is likely to be approved by the GST Council in its meeting today and the industry expects that there could be some reconciliation with annual IT returns as the government aims to check tax evasion.
GST was rolled out on July 1, 2017, and this is the first year when businesses will have to file annual returns (GSTR-9) for 2017-18 fiscal by December 31, 2018. Also those businesses with turnover of more than Rs 2 crore will have to file audit reports along with the annual returns.