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Business EconomyPosted at: Jan 18 2018 8:32PM


On the issue of e-way, he said that Inter-state e-way bill will be necessary from February 1. 16 states have agreed to implement it from the said date.
The council was expected to do away with multiple return forms under GST by combining some forms. It was expected that GSTR-1 ,2 and 3 forms will be clubbed under one single 'simplified' form for small traders and taxpayers eligible under the composition scheme. The council is expected to meet in the next 10 days via video conferencing, to deliberate upon the matter.
Regarding the declining tax collection under GST, FM said that Council discussed the issue in detail and decided to start anti evasion clauses of the Law.
We found that tax collection under Composition Scheme is very low. Only Rs 307 crore tax has been deposited by the 17 lakh registered intities under Composition Scheme which seems that there is under invoicing by them.
He said that Government is taking steps in this regard and will come out with the action appropriate measures.
Mr Jaitley also said that inter-state e-way bill will be necessary from February 1. 15 states have agreed to introduce e-way bill for intra-state trade as well.
He said that the council did not reach any conclusion on bringing petroleum products and real estate under the ambit of GST.
As per the Council’s decision, the late fee payable by any registered person for failure to furnish FORM GSTR-1 (supply details), FORM GSTR-5 (Non-resident taxable person) or FORM GSTR-5A (OIDAR) is being reduced to fifty rupees per day and shall be twenty rupees per day for NIL filers. The late fee payable for failure to furnish FORM GSTR-6 (Input Service Distributor) shall be fifty rupees per day.
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