InvestorQ : What are the main decisions taken in the GST Council meeting held on 21st June?
Riya Dwivedi made post

What are the main decisions taken in the GST Council meeting held on 21st June?

rhea Babu answered.
3 years ago

The 35th meeting of the GST Council on 21st
June was the first GST meeting after Nirmala Sitharaman took over as the finance minister. Here are some of the key announcements of the GST Council meeting on 21st  June.

· On popular demand from traders and businesses, the GST annual return due date extended for the fiscal year 2017-18 has been extended to 31st August 2019

· GST registration and on-boarding has been quite a cumbersome process for small businesses. For this purpose, the Council has enabled Aadhar based registration.

· The Anti Profiteering Authority, which checks that all duty cuts are passed on to the end customer, has got a 2 year extension. It has also hinted at further cuts in GST rates.

· E-invoicing of all invoices will start from January 2020. This will only applicable to B2B invoicing and no separate e-way bill will be required in case of e-invoice. That means; even B2B below the limit of Rs.50 crore will be subject to e-invoice.

· The much awaited decision of a rate cut on electric vehicles, chargers has been deferred. The government may provide a more detailed note in the budget.

· Some of the decisions on GST rate cuts on solar power systems, wind turbines, and even the case of lotteries have been either put off or referred to a special committee.

· The GST Goods and Service Tax Appellate Tribunal (GSTAT) will be the appellate authority and will adjudicate on appeals arising from central and state tax authorities. This will be the first forum for dispute resolutions.