BUSINESS

Goods and Services Tax (GST) Council to decide on simplified tax return: Finance Minister Piyush Goyal

GST
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NEW DELHI, July 12: The GST Council will discuss ease of filing returns, ease of assessment and may also consider further rationalisation of tax rates in its upcoming meeting on July 21, Finance Minister Piyush Goyal said on Thursday.

He said the Goods and Services Tax (GST) Council had been responsive to industry demands and it will take the final call on further tax rate rationalisation based on achieving the right balance with revenue.
“The GST Council has already reduced rates on 328 items… there may be further rate reduction where there is a meritorious reason. It has to be in balance with revenue consideration,” said Goyal.

According to the government data, revenue collection under GST in June crossed Rs 95,000 crore, higher than the average monthly collection of Rs 89,885 crore during 2017-18. During the upcoming meeting, the Council is also expected to take a call on the simplified return filing process based on recommendations of the committee headed by Bihar Deputy Chief Minister Sushil Modi.Finance Secretary Hasmukh Adhia had earlier said that GST had now entered a “smooth phase” with good tax compliance and that the priority of the government would now be simplification of tax return forms. (IANS)