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The previous GST Council meeting approved the simplified process and format for GST returns. The new GST returns are now released for stakeholder feedback and comments. Here are key highlights of the new GST returns and process.
The 28th GST council meeting was held on 21 July 2018. In the meeting, the new return formats and process were approved. Single monthly return for most of the taxpayers will be a reality.
The GST Council, in its last meeting on 4th May 2018, decided to go ahead with Simplification of Returns based on the recommendations placed by GoM led by Shri Sushil Kumar Modi. The roll-out is expected to happen over a period of a year and many measures have been taken to reduce the burden on the taxpayers and ease out the filing process. Monitoring and other mechanisms to keep a watch on reporting of fraudulent transactions have also been one of the considerations while devising the new process for GST returns.
Some key rules and aspects about E-way Bill