35th GST Council Meeting Updates

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35th GST Council Meeting Updates

1. Decision for reduction of rate on electric vehicle (EV) is given to Fitment committee – decision is expected in next council meeting. Current rate on EV is 12% and proposal is to reduce it to 5%

2. Anti-profiteering mechanism which was to end on 30.06.2019 has been extended for another 2 years till 2021.

3. If Profiteered amount is not deposited as per the order of the authority within 30 days then supplier will have to pay Penalty of 10% on it.

4. Annual Return (GSTR 9 / 9A) and Audit (GSTR 9C) has been extended from 30.06.2019 to 31.08.2019

5. Registration process simplified by using Aadhar back bone

6. Generation of invoices on Government portal given in-principle approval, once implemented, this invoice will be treated as E-way bill as well.

7. E-ticketing for multi-plexes approved

8. Major discussion took place on how to control Fake / bogus billing – details awaited.

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