New Delhi: The GST Council thought about the idea of simplifying the process of filing Goods and Services Tax (GST) returns to reduce the compliance burden for small businesses On Thursday.
The committee, chaired by Finance Minister Arun Jaitley and representatives of all the states, decided to effectively reduce the tax rate on services of 29 commodities and 53 categories in its 25th meeting with effect from 25th January.
While addressing the reporters after the meeting, Jaitley said that in the next meeting of the Council, it may be considered for bringing goods like crude oil, natural gas, petrol, diesel, ATF and real estate within the realm of GST.
In a bid to reduce the compliance burden, the Council had thought about the idea of such institutions which are going to a system to return to the GSTR 3B form where the supplier takes the details of the invoice transaction.
He said that the new process will be finalized in the next meeting of the GST Council. The date for the next meeting of the Council has not yet been decided, he said.
The Jaitley said that under the GST provision, transporter is required to carry electronic or e-bill in the state, when moving goods between states is more than 50,000 rupees, will be applied from February 1, on a large scale to tax evasion.
