The 35th GST Council Meeting was held on 21st June, 2019. The following are the key recommendations made by the GST Council:

– Reduction in GST rates of Electronic Vehicles

Decision for reduction of rate on electric vehicle (EV) is given to Fitment committee–decision is expected in next council meeting. Current rate on EV is 12% and proposal is to reduce it to 5% And that on chargers for e-vehicles to 12% from 18%

– National Anti-Profiteering Authority

Anti-profiteering mechanism which was to end on 30.06.2019 has been extended for another 2 year still 2021.

– Consequences of Failure to deposit Profiteering Amount

If Profiteered amount is not deposited as per the order of the authority within 30 days then supplier will have to pay Penalty of 10% on it.

– Extension of Due date for GST Annual Return and Audit

The due date for Annual Return (GSTR9/9A) and Audit (GSTR9C) has been extended from 30.06.2019 to 31.08.2019

– Aadhar Based Registration

Registration process simplified by using Aadhar back bone

– E-invoicing

Generation of invoices on Government portal given in-principle approval, once implemented, this invoice will be treated as E-way bill as well.

– E-ticketing

E-ticketing for multi-plexes approved

– Bogus billng

Major discussion took place on how to control Fake / bogus billing. Details awaited for this

– Solar power supply and wind turbine

Valuation of Solar Power Generating systems and Wind Turbines-placed before Fitment Committee

– Taxation of lottery

Matters with respect to taxation of lottery placed before Attorney General of India

– Job work Declaration in FORM-ITC-04

The due date for furnishing the said form for the period July, 2017 to June, 2019 to be extended till 31.08.2019

– Blocking of E-Way Bill

The Rule 138E of the CGST rules, pertaining to blocking of e-way bills on non-filing of returns for two consecutive tax periods, to be brought into effect from 21.08.2019(Earlier it was 21.06.2019)

– Composition Taxpayers-Intimation in FORM – GST CMP-02

Last date for filing of intimation, in FORM GST CMP-02, for availing the option of payment of tax under notification No. 2/2019-Central Tax to be extended from 30th April to 31st July, 2019.

– New Return Filing structure:

For Large Taxpayers (Turnover > INR 5 crores)

1. GSTR 3B (Till Nov, 2019),

2. GSTR-1 (Till Sep, 2019),

3. GSTANX-1(Oct&Nov,19),

4. From Dec, 2019, Only GST RET-1 shall be filed.

For Small Taxpayers (Turn over less than 5 Crore):

1. GSTR-3B and GSTR-1 (Till Sep, 2019),

2. GST PMT-08 (every month w.e.f.Oct, 2019 for payment of tax),

3. GST RET-1 w.e.f. quarter ended Dec, 2019.

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I am a chartered accountant by profession, having good research and interpretation skills in taxation laws like Goods and Service Tax (GST) law, International taxation, Income tax Act, Customs Act and Foreign Trade Policy (FTP) etc. I am passionate to learn new concepts and share my little understa View Full Profile

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November 2020