To ease the burden on the taxpayers, the Goods and Service Tax (GST) Council has decided a host of changes in its two-day meeting, starting on Tuesday. In the wake of Covid-19 outbreak, the GST Council has waived requirement for filing refund claims by condoning the two-year period between March 1 2020 and February 28 2022, sources told CNBC-TV18.
The annual return forms for FY22 will be notified with minimal changes, the sources mentioned. The GST Council is likely to extend the timeline to file GSTR-4, the annual return for financial year 2022. The taxpayers will get time to file GSTR-4 till July 28, according to sources. The earlier deadline was till June 30. Taxpayers do not need to GSTR-9 if the income is up to Rs 2 crore for FY22, the sources told.
The GST Council has also decided to bring some necessary changes in GSTR-3B, the monthly tax payment form. These changes would include auto-population of outward supplies from sales return and non-editable tax payment table, sources told earlier. At present, the form GSTR-3B includes auto drafted input tax credit (ITC) statements based on inward and outward B2B supplies and denotes any mismatch between GSTR-1 and 3B. The GST Council proposed the values will be automatically populated from GTSR-1 into GSTR-3B in specific rows. This move will minimise the requirement of user input in GSTR-3B and ease the GSTR-3B filing process. The tax payment table in Form GSTR-3B will be auto-populated from other tables in the form and will be non-editable, sources told earlier.
The GST council has permitted National Informatics Centre, run by the central government, as another platform to register electronic invoices. The council also agreed to come up with six invoice registration portal in the next six months, sources mentioned.
The GST Council has reportedly ease compliance bottlenecks for e-commerce suppliers by allowing them to register under the composition scheme. This move is likely to ease registration and reduce tax outgo. The council has also agreed to empower both the Centre and states to issue show-cause notice despite whether taxpayer does not fall in their jurisdiction, measure to plug leakages, sources mentioned.
The GST Council, headed by the finance minister Nirmala Sitharaman, began its 47th meeting in Chandigarh on June 28. Several key issues including rate rationalisation of certain items to states’ compensation after June 30, 2022, are likely to be discussed in the two-day meeting. The GST Council is likely to consider making an e-way bill mandatory for intra-state movement of gold or precious stones worth Rs 2 lakh and above among other key issues.
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