The GST Council is set to meet at Guwahati for deliberation on the proposals to fix the glitches in the new indirect tax system and make it easier for the businesses and traders. What are the 5 amendments the GST Council ought to make to the GST law & procedures?
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1. Electricity should be covered under GST
2. Real estate should be covered under GST
3. GST invoices should get generated on GSTIN portal, by which matching of invoices can be system driven.
4. Rationalisation of GST tax rates at 4 digit HSN level will avoid many classification disputes.
5. SEZ online should also get integrated with GSTIN.
Dear friends
We can expext major fireworks today ... we got a cue from tweets of former Finance Minister, senior Congress leader and face of the Oppn. as for GST goes - Mr. Chidambaram. He has tweeted saying that the Finance ministers of congress ruled states will insist for major changes in GST rates ... He has also predicted that the Council will make big ticket changes mainly because the Gujarat elections are round the corner.
Arun Giri, Group Editor, Taxsutra
In my view one of the most important expectation from this meeting is change in compliance process. The current filing of GSTR1, 2 & 3 should be discontinued and have a quarterly filing of such detailed return. While for monthly payment continue GSTR 3B. Further for this FY, have one GSTR 1 & 2 filing uptil Dec and then uptil March 2018.
Regards
C A Kirti Oswal
Filing of manual or one pager return for some segments of the assessee w/o any need to upload invoice wise details
Right