Introduction
In India, Goods and Services Tax (GST) is marked for the completion of five years on 1st July 2022. 47th GST Council meeting scheduled for two days- 28th and 29th June 2022 at Chandigarh. Smt. Nirmala Sitharaman conducted the 47th meeting with the presence of the Minister of State for Finance and State Ministers which includes the MOF (State) Sh. Pankaj Chaudhary and Finance Minister also announced that the 48th Meeting of GST Council is expected to be held in Madurai, Tamil Nadu during the 1st week of August 2022. This meeting includes the setting up of the GST Appellate Tribunals and fixing the GST rate on the casino, online gaming, etc. which is based on the GOM’s report.
GST Council
After inserting article 279A (1) of the constitution, GST Council was formed in 2016 to implement the Goods and Services Tax (GST) which is the highest decision-making body for the indirect tax regime in the country. It is governed by the Union Finance Minister and another representative of all states and U.T. The Revenue secretary is the ex- officio secretary to the GST Council and the Secretariat office that is located in New Delhi. The GST Council makes guidelines on issues that are related to GST, like the Goods and services that may be subjected or exempted from GST, model GST Laws, principles, to the Union and the States which govern the place of supply, threshold limits, GST rates which includes the floor rates with bands, special rates for raising additional resources during natural calamities/crises/ tragedy and made some special provisions for certain states.
The GST Council recommended on the three-fourth majority of the members present and vote. The central govt.’s vote counts as one- third and other states’ votes count as two-thirds total votes.
Amendments in GSTR-3B allow:-
At present, GSTR-3B of the taxpayer includes the auto-drafted Input Tax Credit (ITC) statements which are based on the inward and outward B2B supplies and also red flags any discrepancy. In the upcoming week, GST Council conducts a meeting to consider a proposal for making changes in the monthly tax payment form of GSTR-3B which includes the auto-population of outward supplies from sales return and un-editable tax payment table. The move would help restrain the menace of fake billing, whereby sellers would show the improved sales in GSTR-1 to enable the purchaser to claim the input tax credit, but the sale report suppressed in GSTR-3B to inferior GST liability. The Law Committee of the GST Council proposed the changes of the auto-population of values from GTSR-1into GSTR- 3B in which specific rows to established one-to-one similar to a large extent between rows of the two return forms. It provides clarity to the taxpayer and tax officers. An official said that these changes would minimize the necessity of user input in the GSTR-3B filing Process.
The committee should suggest in the amendment in Form GSTR-1 to provide more clarity to the taxpayers, a separate amendment table for liabilities may be introduced in GSTR-3B so that any amendment made in Form GSTR-1 reflects Form GSTR-3B clearly. It also suggested the amendment table may also be incorporated in GSTR-3B to show any amendment in the ITC Portion. Law Committee does any changes in any form then he gets an approval from the GST Council, renews form will be put in Public domain for stakeholder consultation. In a Meeting, GST Council will approve the final Form.
Taxpayers filed the statement of outward supplies in GSTR-1 on the 11th day of the subsequent month, in this duration filing the GSTR-3b by the taxpayers between the 20th, 22nd, and 24th of each month for different types of taxes. AMRG & Associates Senior Partner Rajat Mohan said that tax filing is set to the changes for E-commerce operators furnishing passenger transportation services, accommodation services, and cloud kitchens. As Such e-commerce players would be liable to make the report supplies on behalf of suppliers in their GSTR-1 and GSTR-3B in separate cells. Mohan added “E-commerce taxpayers like Uber, swiggy, zomato, etc would see the few changes in the monthly tax filing that will make sure of more data points for the government system for big data analytics.”
Conclusion
It concluded that GST Council was formed in 2016 to implement the Goods and Services Tax (GST) which is the highest decision-making body for the indirect tax regime in the country. It is governed by the Union Finance Minister and another representative of all states and U.T. The Revenue secretary is the ex- officio secretary to the GST Council and the Secretariat office that is located in New Delhi. The GST Council makes guidelines on issues that are related to GST, like the Goods and services that may be subjected or exempted from GST, model GST Laws, principles, to the Union and the States that govern the place of supply, threshold limits, GST rates which includes the floor rates with bands, special rates for raising additional resources during natural calamities/ disasters and made some special provisions for certain states. After the 47th Amendment, According to the Law Committee of the GST Council proposed the changes of the auto-population of values from GTSR-1 into GSTR- 3B in which specific rows to established one-to-one similar to a large extent between rows of the two return forms. It provides clarity to the taxpayer and tax officers. An official said that these changes would minimize the necessity of user input in the GSTR-3B filing Process.
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