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TOPIC: General Studies 2
- Federalism
In News: In an attempt to simplify the process of filing GST, Finance Minister Nirmala Sitharaman held a meeting with chartered accountants, traders and other stakeholders as part of efforts to further simplify Goods and Services Tax (GST) forms and make the filling process more user friendly.
After the recent extension given for filling GST annual returns for 2017-18 and 2018-19, the Finance Ministry reached out to stakeholders to understand and resolve the pending issues being faced in filing the returns. Technical glitches were one of the main issues faced by taxpayers when the new indirect tax regime was rolled out in July 2017. With the new GST returns proposed to be rolled out from April 1 next year, hearing out and resolving taxpayers’ issues and a constant exchange between the CBIC and the GSTN will help in improving compliance and preparing for a smoother roll-out of the new returns system.
What were the issues?
What had happened: The Centre released ₹35,298 crore to the States in Goods and Services Tax (GST) compensation, just two days before a crucial meeting of the GST Council.
Some suggestions that have come in by the Tamil Nadu Chamber of Commerce and Industry
Conclusion
About GST Council