New Delhi: The Goods and Services council, which makes rules and regulations in the existing GST reform is set to hold its 25th meet on Thursday; and is likely to bring major changes in the current GST.
As per sources, the major concern in front of the council is to simplify the current procedure for filing the returns; over this two options are being considered. The first option being – doing an entry of bills related to sale. Since one person’s sale is other’s purchase; therefore it would be possible to club the bills.
States like Gujarat and Maharashtra are in favour of such a reform since a similar arrangement is already in place there.
As per second option, the bills of both sale and purchase will have to be inserted in the system. The system would itself calculate both every night post 12 and would ask the entrepreneur to make suitable changes.
As per the sources, the meeting which is going to be chaired by Finance Minister Arun Jaitley, is likely to give nod to GST law amendments which could be taken up for consideration in the Budget session of the parliament, which starts on January 29.
The council will also review the preparedness of GST Network (GSTN) in handling the return filing process as well as for implementing the e-way bill system with effect from February 1.