GST Council Meet: From Single Return For Businesses to Rate Cut On EVs; Check Major Announcements By FinMin

The 35th Goods and Services Tax (GST) Council Meeting, chaired by Finance Minister Nirmala Sitharaman on Friday, was attended by Chief Ministers, Deputy CMs and Finance Ministers of different states.

Karnataka, Mizoram, Telanagana chief ministers could not attend GST council meeting. (Image: FinMin/ Twitter)

New Delhi: The 35th Goods and Services Tax (GST) Council Meeting, chaired by Finance Minister Nirmala Sitharaman on Friday, was attended by Chief Ministers, Deputy CMs and Finance Ministers of different states. During the meeting, the Central government announced that it has extended the deadline for filing annual returns under the new tax regime by two months to August 30. Soon after concluding the meeting, Finance Ministry told reporters that Council has also decided to introduce a new one-form new GST return filing system, which will be applicable from January 1, 2020. This was the first GST Council Meet chaired by Sitharaman and also the first meeting to take place after General Elections 2019. The Council headed by Sitharaman also approved an electronic invoicing system and e-ticketing in multiplexes. According to reports, the Council has also eased the registration process by allowing the use of Aadhaar by businesses to register with GST-Network. Briefing reporters after the 35th meeting of the Council, Revenue Secretary A B Pandey said it has been decided to allow the use of Aadhaar by businesses to register with GST-Network. The all-powerful GST Council Friday extended the tenure of the anti-profiteering authority by two years and approved imposing a penalty of up to 10 per cent on entities not passing on benefits of GST rate cuts to consumers. The anti-profiteering authority deals with complaints by consumers against companies for not passing on GST rate cut benefits. The tenure of National Anti-Profiteering Authority (NAA) has been extended by two years till November 30, 2021. "GST Council has approved several changes which were made during last few months. For example, GST registration limit threshold limit was raised from Rs 20 Lakh to Rs 40 Lakh. Earlier it was done through notification,now appropriate changes have been made in the laws," Pandey said further adding that dealers with turnover up to Rs 5 crore will be filing quarterly and those above Rs 5 crore will be filing monthly returns. "Composition scheme for service providers, decision which was taken in GST Council few months back and done through a notification will be made a part of law," he said. The last day for filing of annual returns was 30 June 2019."We had received representations from trade and business that they need more time as they will be filing returns for the 1st time. GST council has extended the date. So now they will be filed by 30 August,2019," Pandey added further. After the meeting, Sitharaman also stated that Karnataka, Mizoram, Telanagana chief ministers could not attend GST council meeting. "Good, meaningful, to-the point discussions happened at the GST council meeting," she said.