GST Council likely to Approve Amendments to Tax Laws on Saturday

by GK Sureka Social Media Manager

Currently, refunds are processed and disbursed by the Centre (CGST, IGST and cess) and the state jurisdictional authorities (SGST and IGST) A host of measures to simplify the payment of tax, filing of returns, claim of refunds and advance ruling system would be on the anvil as the goods and services tax (GST) Council meets on Saturday. The required changes in the GST laws would be made once the Council achieves consensus on these changes, officials in the know said. With regard to refunds and advance authority rulings (AAR), the Council will discuss the feasibility of a single authority with some conditions to ease the process. In a move that will ease the process for all taxpayers, the Council is likely to reduce the number of items one has to enter while filing summary output-input returns GSTR 3-B, they said.

Currently, refunds are processed and disbursed by the Centre (CGST, IGST and cess) and the state jurisdictional authorities (SGST and IGST). The change, if approved, would make possible seamless pay-out of refunds to claimants, and the liability from Central GST and State GST will be settled at the end of the month.

The Business Standard, 22th December 2018

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