Three Things To Expect From Last GST Council Meeting Ahead Of Budget 2018
Here’s what to expect from the GST Council meeting today.
.jpg?rect=0%2C0%2C4988%2C2806&auto=format%2Ccompress&w=200)
The Goods and Services Tax Council may decide on simplifying the returns filing process and revise tax rates further in its last meeting before the Union Budget today.
Three monthly returns that taxpayers have to file – GSTR 1, 2 and 3 – could be combined into one to be filed monthly or quarterly, Pratik Jain, indirect tax partner with PwC, told BloombergQuint in an interview. Besides, the task of invoice matching may be handed over to the back-end team at GST Network, eliminating the need for the vendor to approve the invoice himself before the purchaser receives his credit, he said.
Most rate revisions are likely to be for services such as job works, housekeeping and carpentry services provided through an online platform, which are currently taxed at 18 percent. Only a few products such as biodiesel and electric vehicles may get a tax relief in today’s meeting, Jain said.
Watch the full interview here: