GST Council extends tenure of anti-profiteering body by 2 years

GST Council extends tenure of anti-profiteering body by 2 years

GST Council extends tenure of anti-profiteering body by 2 years

Nirmala Sitharaman, who took over the reins of Finance Ministry from Arun Jaitley last month, presided over the 35th meeting of the GST Council on Friday (June 21, 2019). The FM called for integration between the centre and states to achieve a simpler resolution. All the state members were present except Karnataka, Mizoram and Telangana. FM Sitharaman addressed the press after the meeting concluded and said, "The environment was conducive, good meaningful discussions, heartening to be here.” She said that she witnessed a solid understanding across the board on GST related issues." A resolution was passed by GST Council to thank former FM Arun Jaitley for his contribution. In its 35th meeting, the GST Council approved setting up of state and area-based GST Appellate Tribunal (GSTAT) in 26 states. The Council approved electronic invoicing system and e-ticketing in multiplex.

Revenue Secretary, Ajay Bhushan Pande informed that the tenure of the anti-profiteering body has also been extended to two years. It may be noted that soon after the GST was rolled out in July 2017, the government had approved setting up NAA for two years to deal with complaints by consumers against companies for not passing on GST rate cut benefits. The council also approved the penalty for not paying profiteering charges. Now, if the profiteered amount is not paid up to 30 days of order then, there will be a 20% penalty The council also approved a rate cut on electric chargers from current 18% to 12%. It also sent the proposal to cut rate on electric vehicles to the committee. The fitment committee will take a relook at rate reduction on EVs. The proposal of the introduction of e-invoicing was also approved by the council in today's meeting.

The proposal for barring e-way bill generation if returns for over 2 months are not filed, was also approved. The effective date to not allow e-way bill generation for not filing returns for over two months has been extended till August 21, 2019. Date of filing annual GST returns has also been extended to August 30. Revenue Secretary announced that new single return form for all will be rolled out in January 2020. The penalty for 10% of profiteering amount will be levied on erring company. He also informed that the composition scheme for service providers has been made part of the law. The Council also decided to use Aadhaar by businesses for registration under GST. The Council approved several changes which were made during the last few months. GST registration limit threshold limit which was raised from Rs 20 Lakh to Rs 40 Lakh through a notification has been added to the laws. It was also decided that dealers with a turnover of up to Rs 5 crore will be filing quarterly returns and those above Rs 5 crore will be filing monthly returns.

Source: GST Council extends tenure of anti-profiteering body by 2 years


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