GST to be further simplified ,3 forms to be merged

NewDelhi Jan 12: In a move to give relief for people who are suffering from the pain of GST the GST Council may further simplify the complex tax system. The Government may review the system as 6 months have passed and the tax collections have dropped in last 2-3 months.

Some of the changes that the GST council would take up in the upcoming meeting that would be held on Jan18 are
# various definitions would be amended or modified so that there is no scope for ambiguity some of them even include the definition of supply and some are related to exports and special economic zones.

# The definition of handicrafts would also be modified and the tax rates on the job works of these items may also be reduced to 5 %.
# The other major simplification would be a merger of 3 forms of tax returns into one.
# online Invoice matching would also be dropped but backend matching may be continued.

These changes assume significance because it would bring a huge relief to people ahead of the budget because this time budget would contain proposals of only direct taxes and all indirect taxes have been subsumed under GST and the GST council is the main authority.