GSTR3B: The Goods and Services Tax Council is set to discuss a slew of law changes it is looking to introduce, CNBC-TV18 reported. One of the main thing would be to include amendments to GSTR3B, the monthly GST return to be filed by taxpayers among others.
The GST Council also will reportedly ease compliance bottlenecks for e-commerce suppliers by allowing them to register under the composition scheme, a move that is expected to ease registration and also reduce tax outgo.
The Council is also likely to allow the usage of the government-run National Informatics Centre (NIC) as another platform to register e-invoices. The Government is planning to launch six invoice registration portals in the next six months to provide adequate backend IT infrastructure to handle the e-invoice load.
Further, the GST Council may empower both the Centre and the states to issue show-cause notices despite whether the taxpayer falls in their jurisdiction or not. This measure is expected to plug any leakage.
The GST Council is set to meet on June 28-29 in Chandigarh. The meeting comes days ahead of the five-year anniversary of the launch of the indirect tax regime. The GST was launched on July 1, 2017, after a decades-long delay.
Since the introduction of the consumption-based tax, the GST Council has cut rates on several items, which has lowered the revenue-neutral rate, or the rate at which income to the states and the Centre isn’t eroded in absence of all local taxes, to 11.5 percent from the so-called revenue-neutral rate of 15 percent. After nosediving in the wake of the coronavirus pandemic, India’s monthly GST collections have remained above Rs 1 lakh crore for 11 months in a row, raising hopes that the tax system is settling down with compliance improving.
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