The GST Council's 24thmeet on January 18, 2018 rejigged tax rate for a number of goods and services but as expected the decision in regard to simple tax return filing under GST that necessitates filing of 3 returns for compliance as per current regime stands pending.
It was highly expected that a single GST return form would consolidate the 3 returns that are to be filed currently. As against the current practise, there has news making rounds that a single form consolidating GSTR1 (outward supply), GSTR2 (inward supply) and GSTR3 (the final netted out return) can be formulated to ease the compliance process for small enterprises.
An official said, "Businesses will still have to file GSTR3B (summary form) for the next six-months, till the time the new simplified and single return form becomes a reality".
With it the number of tax returns to be filed under GST in a year will be reduced to 12 instead of 37.
The meeting which took place just a fortnight ahead of the Union Budget 2018 did cut rates for a number of products and services, Bringing the rates under GST to judicial levels.
Read about: GST Council's 24th Meet: Highlights
The meet held in Delhi was organized on the sidelines of lower than estimated GST collection and spooked up fiscal deficit levels which were breached against the estimated 3.2% of GST in November 2017.