You are here: Home » Economy & Policy » News
Business Standard

Date for returns filing extended beyond 2019 Lok Sabha elections

The new return filing system would be rolled out on a trial basis on April 1, 2019, while it would be made mandatory from July 1, 2019, -on the second anniversary of GST

Abhishek Waghmare  |  New Delhi 

tax
Representative image

Apart from rate cuts on 23 items, the 31st meeting of the GST Council on Saturday decided to simplify the current returns filing process.

The new return filing system would be rolled out on a trial basis on April 1, 2019, while it would be made mandatory from July 1, 2019, -on the second anniversary of GST.

The annual returns filing date, which was extended from December 31 to March 31, 2019, has been further extended to June 30, 2019 but with a penalty, if filed after April 1. The 2019 Lok Sabha elections are scheduled to end by May 2019.

ALSO READ: GST Council meeting to consider ease of filing returns, refund processes

Revenue secretary Ajay Bhushan Pandey said several decisions to simplify processes for the taxpayer have been taken in the GST Council meeting.

“Instead of keeping 20 different cash ledgers — for tax paid, late fee, interest, penalty under each tax head (for example Central GST, State GST, Integrated GST and Compensation Cess) — the taxpayer now needs to maintain only one ledger for each tax head, reducing the requirement to four cash ledgers," he said while addressing the media after the meeting.

ALSO READ: Tax on tyres likely to be slashed to 18% at GST Council meet on Saturday

On refunds, a simplified system would be implemented on pilot basis. Under this, the GST system will pay out refunds after the state or Centre issue a sanction order. The settlement between the Centre (CGST) and states (SGST) in case of any mismatch between actual refund liability and the payout would be done at a later stage, officials said on the sidelines of the meeting.

"After the review on pilot basis, the subject will be taken up in the subsequent GST Council meeting for full implementation," Pandey said.

First Published: Sat, December 22 2018. 22:05 IST
RECOMMENDED FOR YOU