Top Decisions of GST Council in its 35th Meeting held on 21.06.2019

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21.06.2019:The 35th GST Council Meeting was held at Delhi under the chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman.

This was her first meeting of the Council after coming in the new Government. Similarly, Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur was present in the meeting. Beside this Revenue Secretary Shri Ajay Bhushan Pandey and other senior officials of the Ministry of Finance were present.

Further, there were 12 Agenda items were discussed during the Council meeting.
Here are the major points of GST Council’s recommendations in the said meeting made available through press release.
Keep visiting GST India News for the notifications and circulars to implement these recommendations.

In order to give plenty of opportunity to taxpayers as well as the system to adapt, the new return system will come into existence through phase to phase manner, as below:

New Return System under GST

1. The new GST return system i.e GST ANX-1 & FORM GST ANX-2, will be available for trials between July 2019 to September 2019. On the other hand, Taxpayers will have to continue filing of their GSTR 1 and GSTR 3B return.

2. Thus, from October 2019 On wards FORM GST ANX-1 will be compulsory. On one hand, Large Taxpayer with Turnover > 5 Crore have to file GST ANX-1 return on monthly basis.

On the other hand, Small Taxpayers with Turnover < 5 Crore will have to file GST ANX-1 return for quarter October 2019 to December 2019 in January 2020.

3. From the month of October and November, 2019, large taxpayers to continue to filing GSTR 3B return on monthly basis and will file their first GST RET-01 return for December, 2019 in January, 2020.

Further, the Taxpayers will able to upload invoices in GST ANX-1 on a continuous basis, by large and small taxpayers from October, 2019 on wards.

4. Taxpayers will able to view FORM GST ANX-2 simultaneously during this period but no action will be allowable on such FORM GST ANX-2.

5. From the month of October, 2019, small taxpayers will stop filing GSTR 3B return and will start filing GST PMT-08 Return. Thus, taxpayers will file their first GST-RET-01 for the quarter October, 2019 to December, 2019 in January, 2020.

6. GSTR 3B Return filing will not exist from January, 2020 on wards.

Extension of Annual Return Filing due date

The annual returns filing of GSTR 9, FORM GSTR 9A and reconciliation statement in FORM GSTR 9C will get extend for another two months i.e from 30th June 2019 to 31.08.2019.

Extension of ITC 04 Filing due date

The last date for filing a declaration in FORM GST ITC-04 RETURN, relating to job work, is now 31.08.2019 for the period July, 2017 to June, 2019.

Extension of GST CMP 02 Filing due date

The GST council extends the Last date for filing of intimation, of GST CMP-02, for availing the option of payment of tax under notification No. 2/2019-Central Tax (Rate) from 30.04.2019 to 31.07.2019.

GST Rate Changes for Goods and services

Electric Vehicles

On the issues of GST concessions on electric vehicle, charger and hiring of electric vehicle, the GST Council recommended that the issue will examined in detail by the Fitment Committee and brought before the Council in the next GST council meeting.

Solar Power Generating Systems and Wind Turbines

Similarly, The next fitment committee will examine, the issue of valuation of goods and services in a solar power generating system and wind turbine.

The GST Council recommended that certain issues relating to taxation (rates and destination principle) would require legal opinion of Learned Attorney General.

Setting up GSTAT

The GST Council decided that location of the State and the Area Benches for the Goods and Services Tax Appellate Tribunal (GSTAT) for several States and Union Territories with legislature. There will be a common State Bench for the States of Sikkim, Nagaland, Manipur and Arunachal Pradesh.

Extension of tenure of National Anti-Profiteering Authority

The GST council extends the term period of National Anti-Profiteering Authority by another 2 years.

Introduction of GST e-invoicing

The GST Council has decided to introduce electronic invoicing system in a phase-wise manner for B2B transactions.
E-invoicing is a fast expanding technology which will help taxpayers in backward integration and automation of tax relevant processes.

It will also help tax authorities in fighting the threat of tax evasion. The Phase 1 may come into practice from January 2020.

gst bottom line

Read 35th gst council meeting update, with press release and know the top decision of 35th gst council meeting. List of top decisions of gst council meeting 21 june 2019 upate. Read complete news of 35th GST Council meeting updates and decision in new delhi.

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