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Inter-ministerial panel meet on Feb 24 to decide GST return filing process

The GoM would also consider separate dates of return filing for MSMEs and large businesses

Press Trust of India  |  New Delhi 

Sushil Modi
Bihar Deputy Chief Minister Sushil Kumar Modi

Ahead of the meeting on March 10, a ministerial panel under will meet here on Saturday to firm up the simplified "single-stage" return process.

In the run up to the meeting, key members of the return simplification committee and Manish Kumar Sinha, along with Ajay Bhushan Pandey, today

After the meeting Pandey said over the last two months the return simplification committee has held series of meetings with state governments and trade associations.

"On Saturday, the GoM will meet and discuss various available options on GST return simplification," he said.

The GoM under will look at finalising the simplified return system on February 24, which will be then taken up by the on March 10.

"Any system that emerges has to ensure that the government revenue is protected and it has to be convenient for taxpayers," Pandey said.

It will "mostly be a single-stage" return where invoices would be matched while buyer makes the payment for supplies.

The GoM would also consider separate dates of return for MSMEs and large businesses.

Pandey, however, said the "feasibility" of doing so has to be looked into.

The new return process will be rolled out from the next fiscal after giving suitable time to businesses to adapt to the new software and also to GST Network to develop a new system for glitch free of returns.

In the new system, GST returns would be auto-populated based on the details filed by businesses on the portal.

Partner said after 200 days of GST rollout, the biggest expectation of businesses from the government is stability in the system for ease in return

"What we expect is that government wants to shift from GSTR 1& 2 to the new of real-time uploading and accepting. This new mechanism will have multiple challenges and multiple risks which include a change in law by way of parliamentary action," Mohan said.

First Published: Wed, February 21 2018. 18:46 IST