Important meeting of the GST Council, the idea to simplify the arrangements for filing returns

According to sources, the most important issue in the meeting is to simplify the return system. Under this, two options are being considered.

New Delhi: The whole country is preparing to make a market tax system, commodity and service tax i.e. simplifying the provision of returns for GST. In this regard, on Thursday, the 25th meeting of the GST Council will be held on Thursday to formulate a law and order for GST.

According to GST return sources, the most important issue in the meeting is to simplify the return system. Under this, two options are being considered. In the first option, only the sale related bill is to be entered. The sale of one is the purchase for another, thus matching the bills. States such as Gujarat and Maharashtra are in favor of this option, because such a system is already in place. The system will get a chance to improve after a certain time of inserting the details of the bill. Under the second option, both the purchase and sale bills will be put into the system. The system will match it every 12 o'clock every night and then the dealer-businessman will ask for improvement.

At the present time, there are three parts of the return form, the first of which (GSTR1) merchant-businessman has to be filtered while the other two releases (GSTR2 and GSTR3) computer. Apart from this, the facilitators of filling the GSTR 3B form in the event of avoidance of bills for those who have been shortlisted for less than the fixed limit. In the opinion of traders-businessmen, the present system of returns is complex and the people are facing problems. Although the government has been continuously increasing the timeframe for filing returns, the number of those who filed the returns has not increased according to the expectations.

Under current arrangement of GST, it is necessary for those who have annual turnover of more than 20 lakh rupees (northeast and special states 10 lakh rupees), it is necessary to register them. Over 20 lakhs but the annual turnover of up to Rs 1.5 crore can be taken advantage of the composition scheme. In the composition scheme, GST is to be given at the rate of 1 per cent, whereas in the case of restaurants it is 5 per cent. Those joining this scheme do not get the benefit of input tax credit. Those who participate in this scheme have to file returns once in three months, while those who do more than Rs 1.5 crore per annum are required to file returns every month.

According to GST rates sources, in Thursday's meeting, the rates of GST can be made on more than 50 goods and services. They mainly include farm related materials and biodiesel. There is also hope that discussions on bringing real estate to the realm of GST are discussed in the meeting. The sources, however, refused to consider the issue of petrol-diesel being brought to GST for the time being.

What is GST Council
GST Council's Chief Finance Minister Arun Jaitley, while Minister of Finance with Minority Ministries of 29 states and 2 Union Territories (Delhi and Puducherry) are its members. However, the effort is that the council will decide on any issue with consensus and so far every decision has been made on this basis, even if there is a difference of opinion on the subject, then the decision is made on the basis of voting. In the total vote, the share of the Center is one-third (33 percent) and two-thirds (67 percent) of the states, but three quarters (75 percent) vote is required in favor or opposition for the decision. In such a situation, the Center or the states will not run arbitrary.