Who among the folling 27th meeting for gst council?
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Highlights of the 27th GST council meeting held on 4th May 2018:
GST Return Simplification:
GSTR 1 and GTR 3B will continue for the next 6 months.
New Single-return plan will go live after 6 months. Thus, there will be only 12 returns a year, instead of 36 returns.
The information required to be filled in the return will be reduced. This will simplify the return preparation task and help in keeping with the philosophy of ease of doing business.
Post the new return going live, provisional credit can be claimed by the return preparers in the transitional phase of 6 months based on self-calculations.
The GSTN shows the buyer, invoices uploaded by the seller and thus buyer can check the gap between the credit claimed by him and actually allowed to him.
Invoices uploaded by the seller during anytime in a month shall be considered as a valid document to avail input tax credit by the buyer.
After 6 months of the transition period, if it is noticed that after uploading the invoices, the seller has not paid the tax amount to the government, GSTN has all the right to recover these taxes from the buyer. There will be no automatic reversal of credit from the buyer in these cases.
No provisional credit can be claimed after this 6 month transition period.
Nil return preparers and Composition dealers will file GST returns quarterly
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GST Return Simplification:
GSTR 1 and GTR 3B will continue for the next 6 months.
New Single-return plan will go live after 6 months. Thus, there will be only 12 returns a year, instead of 36 returns.
The information required to be filled in the return will be reduced. This will simplify the return preparation task and help in keeping with the philosophy of ease of doing business.
Post the new return going live, provisional credit can be claimed by the return preparers in the transitional phase of 6 months based on self-calculations.
The GSTN shows the buyer, invoices uploaded by the seller and thus buyer can check the gap between the credit claimed by him and actually allowed to him.
Invoices uploaded by the seller during anytime in a month shall be considered as a valid document to avail input tax credit by the buyer.
After 6 months of the transition period, if it is noticed that after uploading the invoices, the seller has not paid the tax amount to the government, GSTN has all the right to recover these taxes from the buyer. There will be no automatic reversal of credit from the buyer in these cases.
No provisional credit can be claimed after this 6 month transition period.
Nil return preparers and Composition dealers will file GST returns quarterly
plz mark me as brain list
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