{"id":4010,"date":"2018-05-06T15:48:07","date_gmt":"2018-05-06T10:18:07","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=4010"},"modified":"2023-12-02T10:14:42","modified_gmt":"2023-12-02T04:44:42","slug":"highlights-of-gst-council-meeting-held-3","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/highlights-of-gst-council-meeting-held-3\/","title":{"rendered":"HIGHLIGHTS OF GST COUNCIL MEETING HELD"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69f71659dd287\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69f71659dd287\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/highlights-of-gst-council-meeting-held-3\/#Recommendations_of_43rd_GST_Council_meeting\" title=\"Recommendations of 43rd GST Council meeting.\">Recommendations of 43rd GST Council meeting.<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/highlights-of-gst-council-meeting-held-3\/#Proposed_Amendment_for_Annual_Return_and_GSTR_9C_and_its_impact\" title=\"Proposed Amendment for Annual Return and GSTR 9C and its impact\">Proposed Amendment for Annual Return and GSTR 9C and its impact<\/a><\/li><\/ul><\/nav><\/div>\n<figure id=\"attachment_8677\" aria-describedby=\"caption-attachment-8677\" style=\"width: 975px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/07\/News-3-2.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-8677\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/07\/News-3-2-1024x576.jpg\" alt=\"www.carajput.com; GST\" width=\"975\" height=\"548\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/07\/News-3-2-1024x576.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/07\/News-3-2-300x169.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/07\/News-3-2-768x432.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/07\/News-3-2.jpg 1600w\" sizes=\"(max-width: 975px) 100vw, 975px\" \/><\/a><figcaption id=\"caption-attachment-8677\" class=\"wp-caption-text\">www.carajput.com; GST<\/figcaption><\/figure>\n<p style=\"text-align: justify;\">GST Council today in its 27 meeting approved principles for filing of new return design based on the recommendations of the Group of Ministers on IT simplification. The key elements of the new return design are as follows &#8211;<\/p>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">Incentive to promote Digital Transactions<\/span><\/em><\/strong><span style=\"text-decoration: underline;\">:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li>Keeping in view the need to move towards a less cash economy, the Council has discussed in detail the proposal of a concession of 2% in <a href=\"https:\/\/carajput.com\/blog\/gst\/\">GST<\/a> rate [where the GST rate is 3% or more, 1% each from applicable CGST and SGST rates] on B2C supplies, for which payment is made through cheque or digital mode, subject to a ceiling of Rs. 100 per transaction, so as to incentivise promotion of digital payment.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">Simplified returns filing system<\/span><\/em><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>The Current<a href=\"https:\/\/carajput.com\/blog\/tag\/filing-of-income-tax-return\/\"> Return filing<\/a> System of\u00a0 till the\u00a0new software for the return filing system would come into force within six months<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">One monthly Return<\/span><\/em><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>All taxpayers excluding a few exceptions like composition dealer shall file one monthly return. Return filing dates shall be staggered\u00a0based on the turnover of the registered person to manage load on the IT system. Composition dealers and dealers having nil transaction shall have facility\u00a0to file quarterly return.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">GST Liability &amp; Credit Calculation<\/span><\/em><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>The B2B dealers will have to fill invoice-wise details of the outward supply made by them, based on which\u00a0the system will automatically calculate his tax liability. The input tax credit will be calculated automatically by the system based on invoices uploaded by\u00a0his sellers. Taxpayer shall be also given user friendly IT interface and offline IT tool to upload the invoices.<\/li>\n<li>The facility of provisional input tax credit will be withdrawn only after the new system is completely implemented, which is expected to take around one year. After it comes fully into force, the input credit will be auto-generated for the buyers based on invoices uploaded by the sellers.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">Due process for recovery and reversal:<\/span><\/em><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>Recovery of tax or reversal of input tax credit shall be through a due process of issuing notice and order. The process would be online and automated to reduce the human interface.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">Imposition of Sugar Cess over and above 5% GST and reduction in GST rate on ethanol:<\/span><\/em><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>Sugar Cess implementation has been postponed. The government believes that there should be a better way to increase revenue for the benefit of the farmers.<\/li>\n<li>Duties on Ethanol \u2013\u00a0Reduction in rate suggested.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">GSTN Ownership<\/span><\/em><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>Currently GSTN is owned by the Government (Central and State) along with five private\u00a0financial institutions \u2014 HDFC, HDFC Bank, ICICI Bank, NSE Strategic Investment and LIC Housing Finance. GSTN is incorporated as a\u00a0<strong>Section 8 Company.<\/strong>Since, the data handled by GSTN is very sensitive, the ownership of GSTN will be fully transferred to the Central Government.<\/li>\n<\/ul>\n<p><strong><em><u>Read more about: <\/u><\/em><em><a href=\"https:\/\/carajput.com\/blog\/what-is-core-business-activity-in-gst\/\">What is core Business Activity GST<\/a><\/em><\/strong><\/p>\n<p><strong><em><u>Read more about<\/u><u>: <\/u><\/em><em><a href=\"https:\/\/carajput.com\/blog\/all-about-gst-offenses-penalties-appeals\/\">All about GST Offenses, Penalties, and Appeals<\/a><\/em><\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Recommendations_of_43rd_GST_Council_meeting\"><\/span><a href=\"https:\/\/carajput.com\/press-releases\/recommendations-of-43rd-gst-council-meeting.pdf\"><span style=\"color: #000080;\">Recommendations of 43rd GST Council meeting.<\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ol>\n<li>The filing of annual return in FORM GSTR-9 \/ 9A to be optional for taxpayers having aggregate annual turnover upto Rs 2 Crore;<\/li>\n<li>The reconciliation statement in FORM GSTR-9C will be required to be filed by taxpayers with annual aggregate turnover above Rs 5 Crore.<\/li>\n<li>Taxpayers would be able to self-certify the reconciliation statement (GSTR 9C), instead of getting it certified by Chartered Accountants \/ Cost accountants.<\/li>\n<\/ol>\n<p>It will increase the accountability and responsibility of the management as now he will not be able to make an excuse that mistake happens because he had not to get proper guidance. Anyway, Self Certification gives as much trouble as Self Medication.<\/p>\n<h2 id=\":6b\" class=\"hP\" tabindex=\"-1\" data-thread-perm-id=\"thread-f:1701205457317110709\" data-legacy-thread-id=\"179be5599d57a3b5\"><span class=\"ez-toc-section\" id=\"Proposed_Amendment_for_Annual_Return_and_GSTR_9C_and_its_impact\"><\/span><a href=\"https:\/\/carajput.com\/press-releases\/proposed-amendment-for-annual-return-and-gstr-9c-and-its-impact.pdf\"><span style=\"color: #000080;\">Proposed Amendment for Annual Return and GSTR 9C and its impact<\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div id=\":1k2\" class=\"pG\" role=\"img\" data-tooltip-contained=\"true\" data-tooltip-align=\"b,l\" data-tooltip-delay=\"1500\" aria-label=\"Important because you marked it as important.\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>GST Council today in its 27 meeting approved principles for filing of new return design based on the recommendations of the Group of Ministers on IT simplification. The key elements of the new return design are as follows &#8211; Incentive to promote Digital Transactions: Keeping in view the need to move towards a less cash &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172,4],"tags":[1347],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4010"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=4010"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4010\/revisions"}],"predecessor-version":[{"id":25703,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4010\/revisions\/25703"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=4010"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=4010"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=4010"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}