GST Council meet: Single, monthly return filing system finalised;

GST Council meet: Single, monthly return filing system finalised; GSTN to be 100% govt-owned; decision on sugar cess in two weeks In a media briefing after the meeting, FM Jaitley said the Council has approved making GST-Network (GSTN) a government entity by taking over 51 percent stake held by private entities.

The GST Council headed by Finance Minister Arun Jaitley today finalised a single, monthly return filing system and gave approval for 100 percent government stake in Goods and Services Tax Network (GSTN).

The new return filing system will come in place in a year's time, finance and revenue secretary Hasmukh Adhia said.

GSTN will be given six months to make necessary changes in the software towards to shift to the new return filing format. As a result, companies will have to file the summary form GSTR 3B, and GSTR1 (outward supplies form) for the next months.

In the next six months, input tax will be given to buyers on a provisional basis. And in the final phase, in about a year's time, the new tax filing system will be implemented, which will ensure that tax evasion,

Keeping in view the need to move towards a cashless economy, the Council-- a constitutional body for making recommendations to the Centre and states on issues related to GST--discussed the proposal of a concession of 2 percent in GST rate on B2C supplies, for which payment is made through cheque or digital mode, subject to a ceiling of Rs 100 per transaction.

Jaitley said that the Council has recommended setting up of a group of ministers (GoM) from the states will look into the proposal and make recommendations, before the next meeting.

The Council could not reach consensus on the proposal to impose cess on sugar and recommended setting up of GoM to take a final call.

The recommendations will be presented to the Council in two weeks.

Regards,
-------
CA.C.V.PAWAR