GST Annual Return Deadline Extended

Deadline to file Annual Return GSTR 9/9A/9C has been extended from 30th June to 30th August 2019. 

Single GST Return System from January 2019

The new GST Return filing system would come into effect fully from January 1, 2020  

e-Invoice System Gets the Approval by the Council

GST Council has approved the Electronic Invoice System in a phase-wise manner for B2B transactions, the Phase 1 is proposed to be voluntary and to be rolled out from Jan 2020. No separate e-way bill will be required in case of e-invoice and Returns to be framed from these e-invoices. Where E-invoicing would help taxpayers in backward integration and automation of tax relevant processes, it would also help tax authorities in combating the menace of tax evasion 

35th GST Council MeetingMandatory E-ticketing for multiplexes.

The government has made it mandatory for multiplexes to issue electronic ticket only and this ticket shall be deemed to be a tax invoice bringing down the curtain on the coloured tickets that were being issued and used to evade the tax. 

Aadhaar to be linked while granting registration under GST.

Taxpayers applying for online GST registration to get registered on the GSTN portal & get GSTN registration number through Aadhaar OTP authentication. In the current system, people have to give various documents, now the Government has decided to use Aadhaar for GST Registration.

National Anti-Profiteering Authority gets the 2 Years Extension

National Anti-Profiteering Authority has been given two years extension. Looks like rationalising of 28% slab is on cards.

GSTAT to be GST Appellate Tribunal

The GST Council has decided that GST Appellate Tribunal will be the appellate authority and will adjudicate on appeals arising from central and state tax authorities’ in-house dispute resolution system. The states have been given the option to decide the number of GSTAT required by them and hence there can be more than one tribunal in a particular state. Though It has been decided to have a common state bench for Sikkim, Nagaland, Manipur and Arunachal Pradesh

More Wait for Reduction in Rate of Electric Vehicles

Proposals to cut GST on Electric Vehicles to 5% from 12% and on electric chargers to 12% from 18% have been referred to the fitment committee. The matter of GST rate fixation matter on leased Electric Vehicles has also been sent to the committee.  

10% Penalty introduced for Profiteering Offences

The Council has come heavily on profiteering activities by businesses. If any business entity is found guilty of pocketing the benefits of tax cuts meant for consumers, an additional penalty of up to 10% of the profiteered amount would be imposed if such business entities don’t pay up fine in 30 days. At present, companies have to deposit a penalty of Rs 25,000.

Disclaimer: The information contained in this article is provided for informational purposes only & is not intended to constitute a complete analysis of all tax considerations, hence it should not be construed as legal advice at all on the subject matter.  No recipients of content from the Site, clients or otherwise, should act or refrain from acting on the basis of any content included in the article without seeking the appropriate legal or other professional advice on the particular facts and circumstances.

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November 2020