Online Return filing -council to approve single monthly return

GST Online Return filing PIC

19.02.2018: GST has council is going to meet once again in the month of March.  Council is going to see the possibilities of implementing a single GST Return in the form of GSTR – 3B.   This is a further step towards making the GST Online Return filing process simple to benefit the taxpayers. Businesses think filing of 3 GST returns every month is a complicated process.

The GST Council is likely to accept a single monthly return in GSTR 3B with a detailed annexure on sales and purchases.  That would be sufficient to give the benefit of tax credit to buyers, whose transactions will get reflected in the sellers’ returns.

GST council will take up this point in its meeting in early March. The Council may meet in the first week but may get postponed to around March 10 due to Holi, said the source.

The last meeting of the GST Council was held on January 18. In the said meeting Finance Minister Arun Jaitley had said that discussions are going on to implement a single return system. Further, he said it is possible by filing a single GST Return in form GSTR 3B with uploading of invoices by the buyers and sellers. At a later stage, in case of any differences, the department can ask to explain he said. He also indicated that essentially GSTR 1, 2, and 3 will no longer be in use.

E Way BiIl System

Apart from GST Online Return filing, the GST Council may also look into the deferred provision of E Way Bill and how to restart it.  It may also see the possibility to increase the threshold limit for e way bill from Rs. 50,000 to a higher amount.

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