35th GST Council Meeting was held on 21 June 2019 at New Delhi, after a long duration of over a quarter of a year.
This was the main meeting led by the re-elected government and India’s second women Union Finance Minister, Mrs Nirmala Sitharaman. This GST Council meeting has been called when the commencement to up and coming Union Budget 2019 is less than a month away. A lot of expectations heaped up over months concerning different indirect tax issues will be addressed in this gathering.
Highlights of 35th GST Council Meeting
The 35th GST Council meeting finished up with agreement on the accompanying issues
1. GST yearly return due date extended till 31 August 2019 for FY 2017-18
The due date for filing GSTR-9, GSTR-9A, and GSTR-9C for the FY 2017-18 has been extended by two months, till 31 August 2019. Official notice can be made at any point in the near future.
In the mean time, if you are prepared to begin with the filing of GSTR-9, at that point remember to pass your books and GSTR information through the comprehensive 19-point agenda created by ClearTax GST software that can distinguish gaps in the information and furthermore recommend fixes for it. After this compromise, filing an exact GSTR-9 is done in only a couple of minutes on the ClearTax GST software. Sign up now for a FREE demo of GSTR-9 on ClearTax GST software.
2. Aadhaar-empowered GST Registration presented:
So as to facilitate the present procedure of GST enlistment and decrease the paper work included, GST Council has given a thumbs up to new system for confirmation of taxpayers enrolling themselves under GST. Aadhaar number will be connected to the GSTIN while generation.
3. NAA tenure stretched out by two years
Tenure of National Anti-profiteering Authority (NAA) was because of end by 30 November 2019. GST Council has additionally expanded this tenure by two years, to empower it to take up all the pending cases. Thus, the expert can take up new cases in future because of rate cut issues, showing that the GST Council has plans for further justification of GST rates.
4. 10% punishment to apply for any delay in depositing profiteered sum
GST Council has approved a duty of 10% punishment for delay in depositing the profiteered sum by over 30 days. This is a reasonable measure that would energize timely compliance by the taxpayers.
5. E-invoicing to begin from January 2020
The new framework for raising all the tax invoices on the GST entry has received on a fundamental level endorsement for execution from 1 January 2020. This applies to just B2B invoicing. By this framework, no different e-way bill will be required if there should arise an occurrence of invoice. Comes back to be confined from these invoices. An eliminated usage is being worked.
Prior, the government had fixed Rs 50 crore as the breaking point for the applicability of e-invoicing.
6. E-ticketing made compulsory for multiplexes
Among other major decisions, the GST Council affirmed the electronic ticketing system, for multiplexes, having multi-screens. This will help control instances of tax evasion and the use of of black tickets that have been prevalent.
7. Rate cut choice on electric vehicles, chargers and renting thereof deferred; Committee to present its report
The choice to cut GST rates for electric vehicles and electric chargers have been postponed to the following Council meeting. The issue has been referred to the Fitment Committee for checking the feasibility of the rate cut. At present, the GST rates for electric vehicles and electric chargers are 12% and 28% respectively.
Moreover, the valuation rules for merchandise and ventures relating to solar power producing frameworks and wind turbines will be put before the next Fitment Committee. The recommendations made by this Committee will be set before the next GST Council meeting.
8. Rate cut for lottery put on hold; Matter to be alluded before an Attorney General
The past board meet had not tabled the rate cut issue for lotteries. The 35th GST Council meeting talked about the issue finally and furthermore exposed two pending cases on this issue under the steady gaze of the high court and preeminent court separately. Despite the fact that the courts had alluded the issue back to GST Council, the Council has chosen to counsel the Attorney General of India.
9. GSTAT to be GST Appellate Tribunal
The GST chamber additionally conclusively expressed the Goods and Service Tax Appellate Tribunal will be the Appellate expert and will settle on bids emerging from central and state charge experts’ in-house contest goals framework. The states will choose the quantity of GSTAT required by them because of which there can be two tribunals in a single state.
10. Other Due date extensions
Form
New due date
ITC-04 for July 2017-June 2019
31 August 2019
CMP-02 for picking into the composition scheme for service providers under Notification 2/2019-CT rate
31 July 2019
11. For non-filing of GST returns, E-way bills to be blocked
The law stated that where the GST returns in GSTR-3B/GSTR-4 isn’t filed for two sequential tax periods, e-way charge age for such taxpayers would be disabled. This will be brought into impact from 21 August 2019, rather than the prior advised date of 21st June 2019.
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