As per the news, the Goods and Services Tax (GST) Council is set to discuss a number of changes in the law it is looking forward to presenting. Among others, the same would also include amendments to GSTR-3B (Monthly GST Return).
By allowing the composition scheme to the e-commerce suppliers the GST Council will reportedly ease compliance. This move is expected to ease registration and reduce tax outlay.
As another platform to register e-invoices, the usage of the government-run National Information Centre (NIC), is also likely to be allowed by the GST Council.
To seal the leakage of taxes, the Centre and the States may be empowered by the Council to issue Show Cause Notice (SCN). The SCN can be issued to the taxpayer despite being in their jurisdiction or not.
Also, to provide adequate backend IT Infrastructure for handling the e-invoices load, the Government is planning to launch the next 6 months, 6 invoices registration portals.
The meeting of the GST Council is set to be held during June 28-29, in Chandigarh.
Despite the rouse in the coronavirus pandemic, the GST collections for 11 months in a row have remained above Rs. 1Lakh CR, which then raised the hope that with the improvement in compliances the tax system is settling down.
Since the introduction of GST, the Council on several items has cut rates, which eventually lowered the revenue-neutral rate, (i.e. the rate which was supposed to maintain the income of the Centre and the State in the absence of all local taxes) to 11.5% from 15%.
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