Simplifying the GST returns filing and bringing GST on petrol are the next challenges of the GST Council. The goods and services tax (GST), which was rolled out last July, added more indirect taxpayers, made tax evasion difficult, brought tax transparency to consumers and reduced the tax rates on many mass-use goods and services. The GST returns filing procedure initially designed with the intention of preventing tax evasion was relaxed several times for the benefit of vast majority of honest taxpayers. Simplifying procedures to encourage compliance, bringing petroleum products into the GST and eventually converging the 12% and 18% tax rates remain the tasks ahead for the GST Council. At present, 70% of registered regular assessees file monthly GST returns.

Source: Mint May 26, 2018 07:30 UTC