GST Council considering single-stage filing to ease procedure
The GST Council is also considering a 'staggered' system where bigger companies would be allowed to file their taxes first BUDGET 2018 : In what may be the single biggest new year gift to businesses, the GST filing process may be reduced to a single stage process, reported the Times of India. The GST Council meeting scheduled on January 18 will consider amendments in the filing process. Initially, filing the GST was a three-step process. A seller had to fill up a form (GST-R1) about output supplies, another about inward supplies(GSTR-2) and at last the tax liability is calculated and paid (GSTR-3). However, the government has already suspended the need to fill up the GSTR-2 and GSTR-3 forms indefinitely to ease the compliance burden. The ToI quotes a source as saying that those with no tax liability would be able to proceed to the third stage directly. Moreover, the GST Council is considering a 'staggered' system where bigger companies would be allowed ...