In what may be the single biggest new year gift to businesses, the GST filing process may be reduced to a single stage process, reported the Times of India. The GST Council meeting scheduled on January 18 will consider amendments in the filing process.
Initially, filing the GST was a three-step process. A seller had to fill up a form (GST-R1) about output supplies, another about inward supplies(GSTR-2) and at last the tax liability is calculated and paid (GSTR-3). However, the government has already suspended the need to fill up the GSTR-2 and GSTR-3 forms indefinitely to ease the compliance burden.
The ToI quotes a source as saying that those with no tax liability would be able to proceed to the third stage directly. Moreover, the GST Council is considering a 'staggered' system where bigger companies would be allowed to file their taxes first.
Traders have been unhappy all over the country since the roll out due to its complicated filing process. The government on December 30 extended the last date for filing of final detailed sales return for the first four months by 10 days under the GST.
According to sources, discussion of real estate inclusion in GST too is a key agenda of the January 18 meeting.