GST group of ministers of IT network Chairman Sushil Kumar Modi has said that GST Network will launch a facility for businesses to make changes to their August and September GSTR-3B return forms. He said the facility will begin from today. 

The chairman who is also Deputy Chief Minister of Bihar, talking to media in Bengaluru yesterday said that traders and manufactures who attempt to profit from the latest GST rate cut in 200 products would face stringent action.He also said revenue collections from GST was on the increase every month. Speaking after the fourth round of meeting of GoM, he said, the revenue collection from GST in October went up to 95,131 crore rupees as against 93,141 crore rupees earned in August. 

Referring to the recent cut in tax of 200 products from 28 to 18 per cent, he said, this would result in an outgo of 24,000 crore rupees and hoped that the consumer would get the benefit. Mr Modi also said simplification of processes and procedures needs to be done which GST network will do in collaboration with Infosys. 

Union Finance Secretary Hasmukh Adhia has also asked India Inc to pass on the benefits of Goods and Services rate cuts to the consumers. He said that the consumers can refer to the GST rate finder to know the new rates.

Dr Adhia also said that Moody's upgrading the India's sovereign rating will boost the investment and growth in the country.

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