GST Council Approves Single Form System, Monthly Return Filing To Start In 6 Months

The GST Council on Friday paved way for the single form GST return based on the recommendations of the GoM (group of ministers) on IT simplification. The GST return filing will now happen only once every month compared to the three returns a month followed earlier. Union Finance Secretary Hasmukh Adhia claimed that the newly introduce monthly return filing system will be effective in the next six months and the present system of filing of return through GSTR 3B and GSTR 1 forms would continue for not more than six months. Besides this, the GST council meet on Friday also gave a green signal to making the GST Network a government entity as it is set to take over the 51% stake that is currently being held by the private entities.