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GST Council to cut rates on 150-200 items; SMEs may have to file only one return

To make the process simpler, small firms may be allowed to file of only one summary return form GSTR3B, doing away with filing of GSTR1, GSTR2 and GSTR3

December 22, 2017 / 02:30 PM IST

Tax rates on 150-200 items are likely to be cut from 28 percent, with the GST Council set to approve sweeping changes including simpler procedures and a single return filing form for small firms in its next meeting on Friday.

Top sources in the finance ministry told Moneycontrol that the Prime Minister's Office (PMO) is steering the proposed changes aimed at reducing tax and compliance burden for millions of small traders, ease rules and cut rates on many goods and services that currently fall under the 28 percent slab.

The GST Council—the apex body for decision making headed by finance minister Arun Jaitley—will review the return filing process in its next meeting that will be held in Guwahati.

A group of ministers (GoM) headed by Bihar Finance Minister Sushil Modi will present a paper to the Council, proposing crucial changes in the return filing process, an official said.