Introduction
In India, the Goods and Services Tax (GST) is set to mark the completion of five years on 1st July 2022. The 47th GST Council meeting is scheduled to be held on two days- 28 and 29 June 2022 in Chandigarh. mrs. Nirmala Sitharaman held the 47th meeting with the presence of the Minister of State for Finance and Ministers of State including Ministry of Finance (State) Sh. Pankaj Chowdhary and the Finance Minister also announced that the 48th GST Council meeting is expected to be held in Madurai, Tamil Nadu during the first week of August 2022.This meeting includes setting up of GST Appellate Tribunal and fixing GST rate on casino, online gaming etc. which is based on the report of GoM.
GST Council
Following the insertion of Article 279A(1) of the Constitution, the GST Council, which was constituted in 2016 to implement the Goods and Services Tax (GST), is the highest decision-making body for the indirect tax regime in the country.
This is done by the Union Finance Minister and all the states and U.T. governed by another representative of All states and U.T. The Revenue Secretary is the ex-officio Secretary of the GST Council and the Secretariat Office located in New Delhi. The GST Council formulates guidelines on issues that are related to GST, such as goods and services that can be subject to or exempt from GST, model GST law, principles, place of supply, threshold limit, GST for the Union and States. control.
The GST Council recommended a three-fourths majority of the members present and voting. The vote of the central government counts as one-third and the votes of other states count as two-thirds of the total votes.
Amendment allowed in GSTR-3B:-
Currently, a taxpayer’s GSTR-3B contains auto-drafted Input Tax Credit (ITC) statements based on inward and outward B2B supplies and points out any discrepancies.In the coming week, the GST Council holds a meeting to consider the proposal to make changes in the monthly tax payment form GSTR-3B which includes auto-population of sales returns and outward supplies from the non-editable tax payment table. The move will help in curbing the menace of fake billing whereby sellers show better sales in GSTR-1 so that buyers can claim input tax credit, but suppress sales reports in GSTR-3B to reduce GST liability. The Legal Committee of the GST Council proposed the change of auto-population of values from GTSR-1 to GSTR-3B wherein specific rows were to be set substantially one-to-one between the rows of the two return forms. It provides clarity to the taxpayer and the tax authorities. An official said that these changes will reduce the need for user input in the GSTR-3B filing process.
The committee should suggest amendments in Form GSTR-1 to provide more clarity to 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 A separate amendment table for liabilities may be furnished in GSTR-3B so that any amendment made in Form GSTR-1 should be clearly reflected in Form GSTR-3B. It also suggested that the amendment table may also be included in GSTR-3B to show any amendment in the ITC portion. In case the Law Committee makes any changes in any form, it receives approval from
the GST Council, the renewal form will be placed in the public domain for stakeholder consultation. In a meeting, the GST Council will approve the final form.
Taxpayers filed the details of outward supplies in GSTR-1 on the 11th day of the following month, in this period taxpayers filed GSTR-3b between the 20th, 22nd and 24th of each month for different types of taxes. Rajat Mohan, senior partner, AMRG & Associates, said the tax filing has been changed for e-commerce operators offering passenger transport services, accommodation services and cloud kitchens. As such e-commerce players will be liable to supply the report on behalf of the suppliers in their GSTR-1 and GSTR-3B in different cells. “E-commerce taxpayers like Uber, Swiggy, Zomato etc will see some changes in monthly tax filing which will ensure more data points for the government system for big data analytics,” Mohan said.
conclusion
It was concluded that the 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. This is done by the Union Finance Minister and all the states and U.T. governed by another representative of The Revenue Secretary is the ex-officio Secretary of the GST Council and the Secretariat Office located in New Delhi. The GST Council formulates guidelines on issues that pertain to GST, such as goods and services that may be subject to or exempted from GST, Model GST Law, Principles, for the Union and States as to the place of supply, Threshold limits, GST rates including floor rates with bands, special rates for raising additional resources during natural calamities/disasters and certain special provisions have been made for certain states. Following the 47th amendment, the Legal Committee of the GST Council proposed a change in the auto-population of values from GTSR-1 to GSTR-3B wherein specific rows are to be set substantially one-to-one between rows. out of two return forms. It provides clarity to the taxpayer and the tax authorities. An official said that these changes will reduce the need for user input in the GSTR-3B filing process.
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