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The GST Council has today finalized a single, monthly return filing system and gave nod for 100% government stake in Goods and Services Tax Network (GSTN).
In the original structure of GSTN, 49% stake was held by the government while the balance 51% by other entities. Now, the council has agreed to buy the remaining 51% stake held by the private entities in the GSTN. The GST Council has increased the government’s stake in GSTN to 100% in today’s meeting and subsequently the central and state government will hold a 50% stake each in the entity.
GSTN will be given six months to make necessary changes in the software to shift to the new return filing format. As a result, companies will have to file the summary form GSTR 3B, and GSTR1 (outward supplies form) for the next months.
Furthermore, the Council could not reach to a decision on the proposal to impose cess on sugar and recommended setting up of GoM to take a final call. The recommendations will be presented to the Council in two weeks.
