5 possible moves expected from today’s big GST meeting

5 possible moves expected from today’s big GST meeting

The Goods and Services Tax (GST) Council will meet today to consider making several important changes in the tax. Since the new tax was imposed on July 1 last year, the GST Council has made 376 changes by amending rules, issuing clarifications and circulars related to refund, exemption and rates, according to experts.

As an evolving system, GST will see further changes. Below are the prominent ones that are expected to figure before the council in its 27th meeting today. Finance Minister Arun Jaitley will preside over the meeting of the council which comprises state finance ministers.

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Simplified filing of returns
The council is likely to take a decision on simplifying filing of GST returns, an issue that has been pending for long. A Group of Ministers led by Bihar finance minister Sushil Modi is likely to propose three models of new return form for discussion.
One of the models proposes that provisional credit should not be granted unless the taxpayers file returns and pay taxes. The second model states that provisional credit could be granted…………Read More>>



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