GST Council likely to approve annual return forms on July 21

The fiscal 2017-18 happens to be the first year to file annual returns (GSTR-9) and that has to be done by 31 December 2018.

The format for annual returns and audit is likely to be approved by GST Council in its next meeting scheduled to be held on 21 July. The move is aimed at checking tax evasion.
 
The GST Council is the apex decision-making body for the indirect tax law.
 
The fiscal 2017-18 happens to be the first year to file annual returns (GSTR-9) and that has to be done by 31 December 2018. 
 
Businesses with turnover of over ₹2 crore will have to file audit reports along with the annual returns. The goods and services tax (GST) was rolled out on 1 July 2017.
 
According to a LiveMint report, the revenue officers have prepared a draft of the GST annual return form, which will taken up for discussion at the next Council meeting.
 
Post approval, GST Network (GSTN) will work on the software to enable firms to file their annual returns.
 
The GST Network is the IT backbone for the indirect tax.
 
The GST Council, on Monday, released the draft of changes proposed to the GST law before bring introduced in the upcoming monsoon session of Parliament. 
 
The Council has not included India Inc’s demand on transfer of cess credits. However, substantial changes have been proposed to provide relief to businesses. 
 
In a significant easing of compliance norms, businesses have been allowed to amend GST returns.
 
The government implemented the e-way bill system from April 1. The e-way bill for intra or within the state movement was rolled out from April 15.
 
Source: LiveMint

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