GST Council Meetings

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Gst Council meeting
Blog
CA. Sachin Jindal

Key Highlight on 37th GST Council meeting

The Goods and Services Tax (‘GST’) Council in its 37th GST Council Meeting held on 20 September 2019 has taken several taxpayer friendly decisions. Amidst various economic measures announced by the Hon’ble Finance Minister from time to time during August and September 2019, the decisions taken during the meeting of the GST. Council were keenly awaited by various stakeholders. The decisions of the GST Council are aimed at tax rationalisation, providing additional exemptions, lowering the applicable GST rates, plugging loopholes and addressing administrative issues being faced by taxpayers. The decisions of the GST Council are summarised below: 1. Law and

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35th GST Council Meeting
Blog
CA. Kapil Mittal

Keynote on 35th GST Council meeting held on 21 June 2019

The Goods and Services Tax (‘GST’) Council in its 35th GST council Meeting held on 21 June 2019 has taken several taxpayer friendly decisions. It is noteworthy that that is the first GST Council meeting chaired by the new Finance Minister Miss Nirmala Sitharamn after the formation of the government in May 2019. The decisions of the 35th GST Council meeting are aimed at fostering growth in business, rationalising tax rates, addressing administrative issues being faced by taxpayers and paving the way for future-ready compliance mechanism. The decisions of the 35th GST Council meeting are summarised below: 1. Tax Rate

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27th GST Council Meeting
Goods and Service Tax
CA. Sachin Jindal

Key Takeaways from 27th GST Council Meeting

GST Council in its 27th GST Council meeting held in New Delhi today, ie, 4th May, 2018 has made the following recommendations which are stated below: 1. One monthly Return All taxpayers excluding a few exceptions like composition dealer shall file one monthly return. Return filing dates shall be staggered based on the turnover of the registered person to manage the load on the IT system. Composition dealers and dealers having nil transaction shall have the facility to file quarterly return. 2. Unidirectional Flow of invoices There shall be unidirectional flow of invoices uploaded by the seller on anytime basis

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26th GST Council Meeting
Blog
CA. Kapil Mittal

26th GST Council Meeting – Snapshots

Read all updates on 26th GST Council Meeting 1. Return filing System The present system of filing of GSTR 3B and GSTR 1 is extended for another three months i.e., April to June, 2018 till the new return system is finalized. A new model was discussed extensively and Group  of Ministers on IT has been tasked to finalize the same.   2. Reverse charge mechanism    The liability to pay tax on reverse charge basis has been deferred till 30.06.2018. In the meantime, a Group of Ministers will look into the modalities of its implementation to ensure that no inconvenience is

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29th GST Council Meeting (2)
Blog
CA. Kapil Mittal

Key Highlight Of 29th GST Council Meeting

Key Highlight Of 29th GST Council Meeting 1. 20% of GST as Cash Back on Digital Transactions To promote digital transaction, increase compliance and collection in taxes, GST Council on its 29th GST Council Meeting has recommended cash back of 20% of GST paid via Bhima App, RuPay Debit and UPI-based transaction, capped at Rs 100. The GST Council has recommended to develop the software and any State willing to do so can implement the same on a pilot basis. 2. Sub-committee to address MSME Issues To address the issues of MSMEs and Small Taxpayers, the GST Council has decided

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GST on affordable housing Project | 34th GST Council meeting
Goods and Service Tax
CA. Sachin Jindal

GST on housing Project | 34th GST Council meeting

33rd Goods and Services Tax (“GST”) council meeting suggested reduction in GST rates on housing projects to achieve vision of “Housing for All by 2022”. 33rd GST Council meeting held on 24th February, 2019 discussed about GST on housing projects. GST Council reduced GST rates on affordable housing projects and other housing projects from 8% and 12 %  (with Input Tax Credit “ITC”) to 1% and 5% (without Input Tax Credit (“ITC”)) respectively. New GST rates will come into effect from 1st April, 2019. In continuation thereof, 34 GST council meeting held on 19th March, 2019 (presided by Hon’ble Finance

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gst amendment act 2018
Goods and Service Tax
CA. Sachin Jindal

GST Amendment Act, 2018 & Its Impact: 20 Major Changes

THE CENTRAL GOODS AND SERVICE TAX (AMENDMENT) ACT, 2018 With the approval from the GST council in the meeting held on January 10 2019, the changes made by the CGST (Amendment) Act, 2018, IGST (Amendment) Act, 2018, UTGST (Amendment) Act, 2018 and GST (Compensation to States) Amendment Act, 2018 along with the corresponding changes in SGST Acts will be applicable from 1sr February 2019. Keeping in view the implementation of the amendments made in the GST taking place from 1st Feb 2019, it is highly recommended that you must be aware of the changes that have been made in order

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GIST OF 31ST GST COUNCIL MEETING HELD ON 22ND DECEMBER, 2018
Blog
CA. Sachin Jindal

Gist of 31ST GST Council Meeting held on 22ND December, 2018

Introduction GST Council in the 31st meeting held on 22nd December, 2018 at New Delhi took following decisions relating to changes in GST rates, and clarification (on Goods). The decisions of the GST Council have been presented in this note for easy understanding. The same would be given effect to through Gazette notifications/ circulars which shall have force of law.  1. GST Refund related changes affecting Refund claim in  Form GST RFD-01A A scheme of single authority for disbursement of the refund amount sanctioned by either the Centre or the State tax authorities would be implemented on pilot basis. Shortly new functionality

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Key Takeaways from 24th GST Council Meeting

System for both inter-State and intra-State e-way Bill generation will be ready by 16th January, 2018. Uniform system implemented for inter-state and intra-state movement will be implemented across the country by 01th June 2018. The nationwide e-way Bill system will be ready to be rolled out on a trial basis latest by 16th January, 2018. Trade and transporters can start using this system on a voluntary basis from 16th January, 2018. Compulsory implementation for Inter-state movement of Goods w.e.f 01st February 2018. Read all GST Council Meetings

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23rd GST Council Meeting
Blog
CA. Kapil Mittal

Relief to Business in GST 23rd Council Meeting

1. Introduction The GST Council, in its 23rd GST council meeting held at Guwahati on 10th November 2017, has recommended the following facilitative measures for taxpayers 2. Return Filing: Various relaxation has been given in following manner. All taxpayers would file monthly return in Form GSTR-3B along with payment of taxes by 20th of the succeeding month till March, 2018. For filing of details in Form GSTR-1 till March 2018, taxpayers would be divided into two categories. Details of these two categories along with the last date of filing GSTR 1 are as follows: Taxpayers with annual aggregate turnover up to Rs. 1.5 Crore need

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