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Update from the GST Council Meeting – India

By July 23, 2019July 10th, 2021No Comments

In the 35th Meeting of GST Council under the able leadership of Chairperson and Union Finance…

In the 35th Meeting of GST Council under the able leadership of Chairperson and Union Finance

Minister of India Smt. Nirmala Sitharaman on 21st June decided to extend due date of filling Annual return GSTR 9 and Audit Report GSTR 9C to 31st August 2019. The same will give great relief to taxpayers having aggregate turnover of Rs. 2crore and above.

  • GST Council is planning to set up tribunals in 26 states;
  • The due date for filling ITC 04, relating to job-work to be extended to 31.08.2019;
  • Last date for filling of intimation in case of composition taxpayer to be extended from 30.04.2019 to 31.07.2019;
  • Two-year extension for National Anti-Profiteering Authority;
  • Simplification of the registration process;
  • Approved Electronic invoicing system;
  • Two more months of relief under Rule 138E for e-way Bill. As per the said rule if any person has not furnished the GST return for two consecutive tax periods shall not be allowed to furnish the information in PART A of FORM GST EWB 01 in respect of a registered person, whether as a supplier or a recipient.
  • Approves amendment for charging interest on net liability with prospective effect;
  • All tax rate related issues are to be examined by the Fitment Committee and brought before
  • the council in the next meeting, major decision for reduction of rate on electric vehicle from
  • 12% to 5%;
  • Council agreed to introduce a single return for all businesses from January 1, 2020.
  • New return system to be introduced in a phased manner to give ample opportunity to
  • taxpayer as well as the system to adapt. 

The above information was kindly provided by Bishan Shah from India, contact: [email protected].