GST Council meet: Single monthly returns for businesses coming, but not very soon
According to the finance secretary, simplification of GST returns filing has been a long-time agenda before the council, and added that single filing return will be applicable for everybody except for businesses opting for composition scheme and filing nil returns. Adhia stated that the new single monthly return for B to C will comprise details of total turnover, and for B to B will consists the details of all sales invoices along with 4-digit HSN code.
The GST Council today decided to introduce a single monthly return for businesses, but it will take as much as six months to get fully operationalised, informed Finance Secretary Hasmukh Adhia. Image source: IANS