Next GST Council meet on March 1, simpler return process expected to be unveiled

The next GST Council meet is expected to take place on March 1 through video-conferencing, but with a limited agenda of simplifying the return process. 

At the 25th meeting of the GST Council held on January 18, Finance Minster Arun Jaitley said there was a general consensus on simplifying the return filing process where GSTR 3B will continue, but a final decision would be taken in the next Council meet. 

The Council on March 1 is expected to come out with a simplified process. 

According to sources, Nandan Nilekani made a series of presentation after Budget and there seems to be some sort of finality in the approach to be taken. This comes after Nilekani made a detailed presentation during the last GST Council meet on the options available to simplify the return filing process. The general direction at that meeting was that return filing under GSTR 3B will continue and the sellers and suppliers should load their invoices, after which details of supply made can be furnished. “It is given that the 3B return between buyer and supplier will reflect the supplies made. If there is any difference between the two, at a later stage they can be asked to explain,” said Jaitley. 

Source: https://economictimes.indiatimes.com/small-biz/policy-trends/gst-council-meet-gst-rates-gstn-return-filing-march-1/articleshow/62997412.cms?utm_source=newsletter&utm_medium=email&utm_campaign=Dailynewsletter&ncode=0dbc743f7c513c6f45074376dddf537a

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