GST council meet; know crucial decisions taken

The much awaited GST Council met on Friday and concluded in favour of a new simplified return that would require a taxpayer to file only one return every month.

The GST council also set a period of six months for the transition to take place.

It will take about six months for GSTN to prepare for it, so for that period the current arrangement of GSTR3B and GSTR 1 will continue, informed Finance Secretary Hasmukh Adhia.

This will be the first phase of transition where the current system will continue for the next six months, it was informed.

Adhia further added that composition dealer and zero transaction dealers will continue to file on a quarterly basis.

He also said that the returns which are filed, 30% are nil returns, which means there is no transaction on them.

The finance Secretary added that during this six months the GSTN will continuously feed the taxpayer with information about the gap between what he is claiming as credit and what he is supposed to get basis the invoice uploaded by the seller.

In the transition phase, which is after six months of the return being prepared, there will be a separate column for the dealer to claim provisional credit based on his own calculation.

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