GST Council- 35th Meeting - Highlights


Our New Finance Minister  Nirmala Sitharaman chaired the 35th Council Meeting in New Delhi. Here's  a look at the decisions taken by the GST Council today:-
1. Due date of Annual Return
  •  Due date of Annual GST return for Financial Year 2017-18 is extended to 31st August, 2019
  • Due date of GSTR-9A & 9C is also extended to 31st August, 2019.
  • Earlier it was 30th June, 2019.
 2. GST Rate Related Changes
  • The proposal to reduce GST rate on Electrical Vehicles to 5% from the current 12% has been sent to Fitment Committee. (5% is not approved yet)
  • The proposal to reduce GST rate on Electric Charger to 12%(with ITC) from 18% has been sent to Fitment Committee(12% is not approved yet). 
  3. Threshold limit of Registration
  • GST Registration threshold limit was raised from 20 Lakhs to 40 lacs
  • This change was made earlier through Notification, now appropriate changes made in Law. 
4. New form of GST Return(Major Change):-
  • New Return System FORM GST ANX-1  & FORM GST ANX-2.
  • Large tax payer means Turnover exceeding 5 Crore in Preceding financial year and Small tax payer means turnover upto 5 crore.
  • From October 2019, FORM GST ANX-1 to be made Compulsory. Large Tax payer has to file this Monthly, whereas Small taxpayer to file for the quarter October 19 to December 19 in January 2019.
  • For October and November, 2019, large taxpayers to continue to file FORM GSTR-3B on monthly basis and will file first FORM GST RET-01 for December, 2019 in January, 2020. 
  • It may be noted that invoices etc. can be uploaded in FORM GST ANX-1 on a continuous basis both by large and small taxpayers from October, 2019 onwards.
  • From October, 2019, small taxpayers to stop filing FORM GSTR-3B and to start filing FORM GST PMT-08. They will file their first FORM GSTRET-01 for the quarter October, 2019 to December, 2019 in January, 2020;
  • From January, 2020 onwards, FORM GSTR-3B to be completely phased out
5. National Anti Profiteering Authority(NAA)
  • Tenure of National Anti Profiteering Authority is extended by 2 years.
  • Cleared some set of rules to Check Tax Evasion.  

6. Registration Process
  • Ab yaha b Adhaar Card :)
  • Now you don't need multiple documents for registration.
  • One can apply online using his Adhaar Number through OTP authentication on the GSTN Portal & get GST Registration Number. 
 7. Penalty Provision:-
  • Penalty for stealing the benefit of tax cut to consumers is 10% of the Profiteered Amount.
  • Earlier penalty for the same was Rs.25000/-.
  • This penalty is in addition to the requirement  of returning the Profiteered amount either to the consumer or consumer welfare fund.
8. E-ticketing :-
  • Electronic ticketing for multiplexes like Inox, PVR , made Compulsory.
!!! I hope it was helpful !!!!
!!! Thank You !!!

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