New Delhi,
\nFinance Minister Arun Jaitley-chaired GST Council will meet on May 4 to discuss a simpler return form and the amendments required in the indirect tax regime rules.<\/p>\n
The 27th meeting of the Council, comprising state finance ministers, will meet through video conferencing and will also mull over the proposal of converting GSTN into a government company.<\/p>\n
A decision on return simplification could be on the cards with the Sushil Modi-led Group of Ministers putting before the Council the three models of new return form for discussion, an official said.<\/p>\n
With Jaitley been advised by doctors to stay in isolation to avoid contracting infection, the meeting has been planned through video conferencing.<\/p>\n
The Council had in March discussed on two models of GST returns and suggested that the GoM would work further simplification.<\/p>\n
The official said the amendment to the law would also be taken up once the Council clears the new GST return format.<\/p>\n
One of the models presented before the Council was that provisional credit should not be granted unless the taxpayers file returns and pay taxes.<\/p>\n
The second model stated that provisional credit could be granted to a taxpayer, but returns have to be filed within 3-4 months and taxes have to be paid or else the credit amount would be reversed.<\/p>\n
After consulting the stakeholders, the GoM earlier this month worked out a third model for return filing as per which credit could be extended once the invoice uploaded by the supplier is verified by the purchaser on the GSTN portal.<\/p>\n
Jaitley had earlier this month asked Finance Secretary Hasmukh Adhia to \u201cexamine the possibility\u201d of converting GSTN into a majority government company or a 100 per cent government company. GSTN provides the IT backbone for the new indirect tax regime.<\/p>\n","protected":false},"excerpt":{"rendered":"
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