Introduction
India’s ambitious Goods and Services Tax (GST) marked the completion of five years on 1st July 2022. 47th GST Council meeting scheduled on the same week for two days- 28th and 29th June 2022 at Chandigarh. In the presence of the Finance Minister and State ministers including the MOF (State) Sh. Pankaj Chaudhary meeting conducted by Smt. Nirmala Sitharaman. 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 Group of Minister’s report.
GST Council Meeting
Goods and Services Tax was prompted in 1999 during the meeting held between the Prime Minister of Atal Bihari Vajpayee and his economic advisory panel. Prime Minister set up a committee conducted by the finance minister of West Bengal, Asim Dasgupta for developing the GST Model. In February 2006 Finance Minister P. Chidambaram carried on working. Lastly, it was executed on 1st July 2017 and it is upon the grounds of indirect tax through State and Centre such as VAT, excise duty, etc. The Indian government made some guidelines for the good administration of the GST Functionary body.
Requirements for GST Council Meeting
GST functionary body is the controlling body of the GST rules which are executed in India.
The work of the GST Official body has the duty to make necessary decisions and do amendments to GST if needed.
It has empowered to find out the tax rate subjected which covers under the GST Framework, the tax exemption rules, made laws which concerned for the Tax, and the last date to furnish the tax decided by the GST Functionary bodies.
It has responsible to make sure that the rate of GST must be applied to goods and services all over India.
Latest GST Council meeting: Changes in GSTR-3B Form
In this meeting, GST Council discussed improvements to the monthly tax payment of the GSTR-3B Form which incorporate would auto-population of outwards supplies from sales returns and non-editable tax payment.
Curbing Bogus Billing
The changes in form of GSTR- 3B would diminish the problem of forged assessment in which sellers reported the repressed sales on GSTR-3B to reduce the GST payment bit reporting greater sales GSTR-1 which allows the buyer to claim an Input Tax Credit.
Auto-Population of Data
Input Tax Credit Statements which are based on incoming and outgoing B2B supplies that are currently auto-drafted and it is included in GSTR-3B of Taxpayer. It also signifies any discrepancies between GSTR-1and GSTR-3B.
The Law Committee of the GST Council suggested modification of the value from GSTR-1 into GSTR-3B will automatically populate in certain rows to establish a large degree of one-to-one correspondence between rows of the two return forms which provides clarity to the taxpayer and tax officers.
The modification of GSTR-3B will simplify the filing procedure and require a reduced amount of user input. The law committee of the council suggested the revised form of the tax payment table in Form GSTR-3B will be auto-populated from other tables in the form and will not be revised.
In the GSTR-3B, the form may be introduced with a separate amendment table which provides more clarity to the taxpayers. This will ensure that any changes are made in form GSTR-1 which are also reflected in GSTR-3B. The Committee noticed that any possible changes to Form GSTR-3B should follow form GSTR-1 with regard to external obligations.
Adding an amendment table to GSTR-3B which shows any changes made to the ITC part that is recommended by the Committee. At present taxpayers must submit a GSTR-1 declaration of last supplies by the 11th day of the next month and GSTR-3B tax payments must be made between the 20th and 24th day of each month it depending upon the category of taxpayers.
Specific Changes for E-commerce companies
E-commerce companies would witness some modifications in their monthly tax filing and to ensure the data points for the government’s big data analytics engines like Uber, Swiggy, zomato, and MMT.
GST Council approved the final version at a subsequent meeting
When the GST Council gives the preliminary approval to the revision proposed by the Law committee which is a revised form will be made available to the public for stakeholder feedback. At a subsequent meeting, the final version will be approved by the GST Council at a subsequent meeting.
Conclusion
It concluded that in the 47th Meeting of the GST Council was made the GST rate on various goods and services was as well made the modification in the GSTR-3B and GSTR-4. the upcoming 48th GST Council meeting is scheduled for the first week of August 2022 in Madurai, Tamil Nadu. The Group of Minister’s Report create the GST Appellate Tribunals and established the GST rate for gambling establishments including online Casinos.
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