(LiveMint)
Federal indirect tax body Goods and Services Tax (GST) Council is set to revamp the return filing process and further liberalize rules to make compliance easier for taxpayers and boost government revenues. A meeting of central and state government officials in the capital on 27 February will give final shape to the proposal before the council takes it up on 1 March for approval, a person familiar with the development said on condition of anonymity. The 26th meeting of the council will be held through a video conference.
The council is expected to take measures that will make compliance easier for small businesses and traders, which account for the majority of taxpayers, based on recommendations from a panel led by M. Vinod Kumar, GST chief commissioner for Karnataka.
It is also expected to do away with the requirement of filing tax returns relating to purchases and a comprehensive return on all transactions. It will instead, retain only the summary return to be filed every month (GST return 3 B), the information on which will be complemented by invoices of sales uploaded. That would be sufficient to give the benefit of tax credit to buyers, whose transactions will be reflected in the sellers’ returns.
