New Delhi, June 21
The GST Council today extended the tenure of the anti-profiteering authority by two years till November 2021 and allowed use of Aadhaar as proof for obtaining GST registration while referring tax cut on electric vehicles and their chargers to an officers’ committee.
The council’s meeting, chaired by Finance Minister Nirmala Sitharaman, also approved imposing a penalty of up to 10 per cent of the profiteered amount on entities for not passing on benefits of GST rate cuts to consumers, as against the current norm of levying a maximum fine of Rs 25,000.
Briefing reporters after the 35th meeting of the council, Revenue Secretary AB Pandey said the new GST return filing system would come into effect fully from January 1, 2020.
The council also approved the rollout of an electronic invoicing system on a pilot basis from January 1, 2020, made it mandatory for GST-registered multiplexes to issue e-tickets, and also decided to seek Attorney General opinion on the issue of GST rate on lotteries.
Pandey said the Centre has shared details relating to the generation of fake invoices with the states, and the council has given in-principle approval to launch a pilot project on e-invoices from January 1.
According to the proposal, entities with a turnover of more than Rs 50 crore will be required to generate electronic invoices on a government portal for B2B sales.
He said it would be mandatory for multi-screen cinema halls to issue e-tickets, which would ensure that the tax revenues accruing to Centre and states are deposited in the exchequer. Explaining the rationale behind seeking AG opinion on taxing lotteries, Sitharaman said the principle of taxation under GST is that it should be one rate across the country, whereas in case of lotteries there were two rates being charged. "Hence it was decided to obtain clarity on Article 340". — PTI
- Allows Aadhaar use by businesses for registration
- Extends Anti-Profiteering Authority tenure by two years
- New return filing system to be applicable from Jan 1
- Date for filing annual returns up by 2 months to Aug 30, 2019
- Nod to electronic invoicing system, e-ticketing in multiplex
- Proposal to cut rate on EVs to 5% from 12% and on electric charger to 12% from 18% sent to fitment committee
Releases minutes of meet, says no dissent was given by any o...
IT Minister accuses Twitter of arbitrariness, questions if c...
Allege the video was shared with an intention to create comm...
Standard practice to use animal serum for vero cell growth a...