New Delhi: The 28th meeting of the GST Council is scheduled to be held on Saturday, the 21st of July, 2018 from 11:00 hours in NewDelhi. Prior to that, a preparatory meeting of officers will be held in New Delhi on Friday, the 20th of July, 2018 from 10:00 hours, the Finance ministry informed today.
In the 27th meeting held on 4thMay, the GST Council had approved principles for filing of new return design based on the recommendations of the Group of Ministers on IT simplification. One of the important aspects of the new return design was that all taxpayers excluding a few exceptions like composition dealer would file one monthly return. Return filing dates would be staggered based on the turnover of the registered person to manage load on the IT system. Composition dealers and dealers having nil transaction can have facility to file quarterly return. The other features were,Unidirectional Flow of invoices, Simple Return design and easy IT interface, No automatic reversal of credit, Due process for recovery and reversal, Supplier side control and three stage transition to the new system.