27th Meeting of GST Council to be held on May 4 for simplification of returns under GST

New Delhi, Apr 26 (KNN) In an attempt to simplify single stage return filing process, the Goods and Services Tax (GST) Council is scheduled to meet on May 4 for further discussion.

For simplification process, Sushil Modi-led Group of Ministers (GoM) has put the 3 models of simpler returns before the council for discussion.

To deliberate upon this issue, the GST Council will meet the concerned authorities through video conferencing on May 4.

Further, it is expected that the council might consider the proposal of converting GSTN into a government company.

As earlier this month, Jaitley asked Finance Secretary Hasmukh Adhia to "examine the possibility" of converting GSTN into a majority government company or a 100 per cent government company.

One of the models presented before the Council was that provisional credit should not be granted unless the taxpayers file returns and pay taxes.

The second model stated that provisional credit could be granted to a taxpayer, but returns have to be filed within 3-4 months and taxes have to be paid or else the credit amount would be reversed.

After careful deliberations and discussions with consulting stakeholders, the GoM worked out a third model for return filing as per which credit could be extended once the invoice uploaded by the supplier is verified by the purchaser on the GSTN portal.  (KNN/YV)