It is now in the hands of GST council and all the Group of Minister (GoM) to decide the further sequence of tax refunds of Integrated goods and services tax. The GoM head Sushil Modi stated this fact recently, adding that, “The GST Council meeting on Friday will take important decisions on integrated GST refund and ease of doing business for small taxpayers.”
The latest 22nd GST council meeting decided that AC restaurant tax rate revised to 12% from 18%, and yarns, clips, pins would be in 5% slab. Also, it is revealed that the threshold limit for the composition scheme dealers will be increased from 75 lakh to 1 crore. SMEs earning up to Rs 1.5 crore annually will have to file quarterly returns. GST council next meeting will be held on 9th and 10th November 2017 in Guwahati.
Earlier the GoM meeting was held on September 16 to look out the matter of technical glitches faced by the taxpaying community in the GSTN portal. The head of GoM stated that, “Structural changes in the GST regime will also be deliberated in the upcoming Council meeting with the member states from across the country and will be announced by Union Finance Minister Arun Jaitley, Most of the IT-related glitches have been resolved and traders are finding the network easier to file their returns online.”
It is now known that the technological advancement will be soon added to the GSTN portal as the statistics are to be raised considerably. The updated version of GSTN will handle around 1 lakh 30 thousand returns per hour from the earlier 80 thousand returns per hour.
While the missing returns would be taken seriously and a message will be dropped to all those taxpayers who missed out the return filing due to glitches. A number of 20 lakh traders are there who have missed out the filing returns.
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The head of GoM Sushil Modi along with other GoM members i.e. Chhattisgarh Minister for Commercial Taxes Amar Agarwal, Karnataka Agriculture Minister Krishna Byre Gowda, Kerala Finance Minister T M Thomas Isaac and Telangana Finance Minister Etela Rajender is dedicated to resolving the issues of GST as soon as possible.
The GoM was formulated in wake of technical glitches being faced by the taxpayers who filed their tax returns on the GSTN portal.