GoM meeting on GST Network ends

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National News

Sep 22, 2018

9:35PM

GoM meeting on GST Network ends

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The new simplified GST returns form will roll out in another four to six months for the benefit of dealers paying GST.

Speaking to media persons after the 10th review meeting of Group of Ministers (GoM) on GST Network in Bengaluru today, the Bihar Deputy Chief Minister and Head of GoM, Sushil Kumar Modi, informed that Infosys is asked to design the new forms on the lines of the recommendation made by GST Council.

This will further simplify filing of returns in GST network.

He also informed that 18 companies are identified to develop common accounting software, especially for the small taxpayers.

This software once developed will be given to all the small traders ensuring uniformity.

Mr.Sushil Kumar Modi also informed that TDS and TCS for e-commerce sector will commence from October 1st. Saying that GST revenue is improving after the introduction of reforms, he said revenue deficit of states has come down from 17 to 13 per cent.

He hoped that the revenue will touch 1.3 lakh crore rupees in future. The data intelligence and business intelligence generated by the GST network, he added, has helped track tax evasions and apprehended those dealers filing of bogus invoices.