26th GST Council meet postponed to March 10

imagesThe 26th meeting of the GST Council has been deferred from the initially proposed date of March 1 as some states expressed reservations about attending it due to celebration of the festival Holi. The meeting is now likely to be held on March 10.

“Some states expressed that they have regional holiday on March 1 for Holi. So it’s been deferred from March 1. Most likely it will be held on March 10,” an official said.

The Council is expected to focus on invoice matching via simultaneous upload of invoices by sellers and buyers along with a broader focus on returns simplification in the meeting. The Council is aiming for returns simplification by converging towards one form, even though fiing of the monthly summary GSTR-3B return will be retained for now, officials said. The government proposes to bring back invoice matching, broadly facilitated by simultaneous upload of invoices by seller and purchaser, which will allow recipients to claim input tax credit immediately after the upload of invoice by the sellers instead of waiting for filing of returns.

Officials from GST Council and GST Network along with Infosys chairman Nandan Nilekani have been making presentations to stakeholders and approaching industry chambers for their inputs regarding the changes. GSTN Chairman Ajay Pandey, who heads the panel on GST returns simplification, met representatives from the industry last week for their inputs.


Source: Zee Business


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