The annual GSTR forms are expected to roll-out in the upcoming GST council meeting as the finance ministry is working hard to complete it as soon as possible.
The annual GST 9 return form will be helpful for the revenue department in order to gather additional information about the registered taxpayers. According to the sources, the form is required to file in addition to the GSTR-3B which is filed monthly.
This move is added as the finance ministry faced problems in getting sufficient information from taxpayers. Under the monthly GSTR forms, provided information was not enough to track for the ministry. The inclusion of the new annual form will surely help the government to get all the information regarding the business in the maintained invoice-wise database.
The annual return form will assist the FM when it will be matching with an invoice. Therefore, it will be helpful in cross-checking returns and as well better to avoid tax evasion. The form will also work as a base for checking any sort of wrong claims of refunds and credit.
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As per the media reports, the GST council will as well include natural gas possibly under the ambit of GST in the next meeting.
Dheeraj Rastogi who is a Joint Secretary at GST council mentioned at the time of addressing the PhD Chambers of Commerce and Industry event, “Petroleum is a considerably larger source for revenues not only for [the] Centre but states also and on [the] natural gas front, there is some consensus for bringing it into GST ambit and therefore, it could be the first petroleum product that could come within the GST network.”
He further added, “[We are] going to propose the inclusion of natural gas within the GST purview on an experimental basis in the forthcoming GST Council meeting.”
Rastogi, although, did not mention the tax slab for natural gas, in case it was added in GST.
For now, ATF, motor spirit, petrol, natural gas, high-speed diesel, and petroleum crude are put outside of GST scope. Although, as officials (Sanjiv Singh, Indian Oil Corporation chairman, and Dharmendra Pradhan, Petroleum Minister) said that natural gas and petroleum products are required to be included under the single GST levy.
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