The Goods and Services Tax ( GST ) Council, the apex policy-making body under the new tax regime will meet for 27th time on 4th May to discuss the practical aspects of implementing a new simplified form of GST returns and to amend the indirect tax regime rules.
Reportedly, the council will meet through video conferencing and will also consider the proposal for converting GSTN, which provides the IT backbone for GST into a Government Company.
The Council had in March discussed on two models of GST returns and suggested that the GoM would work further simplification. The official said the amendment to the law would also be taken up once the Council clears the new GST return format.
Last month, the GoM has finalized three proposals regarding simplification of Returns. Firstly, provisional credit should not be granted unless the taxpayers file returns and pay taxes.
Secondly, 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.
The third model suggested 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.
