Chaired by Union finance minister and comprising his state counterparts, the Council will give its nod for GST law amendments which could be taken up for consideration and passage in the Budget session starting January 29, sources said.
The law review committee which was set up by the government has suggested centralised registration for large service providers with annual turnover of over Rs 500 crore and operating in 10 or more states.
The committee has made as many as 16 recommendations based on the suggestions of the advisory panel comprising trade and industry.
Among other things, the Council will review the preparedness of GST Network (GSTN) in handling the return filing process as well as for implementing the e-way bill system with effect from February 1. Under the Goods and Services Tax (GST) rolled out from July last year, inter-state road transport of goods beyond 10 km, with a value of Rs 50,000 and above, will mandatorily require e-way bill from February 1.
Following the representations by the industry, the Council had in November 2017 set up a committee under GSTN Chairman Ajay Bhushan Pandey to suggest steps for easing compliance burden on traders. Deloitte India Senior Director M S Mani said there has been a reduction of 10 per cent in the number returns filed compared to the initial months.
"This is a worrying trend. While some reduction in compliance in recent months can been attributed to the technology challenges faced by taxpayers and some amount of uncertainty due to the multiple extensions in the return filing timelines, arresting the trend of declining returns needs significant attention," Mani said.
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