The due date for GST annual return and audit extended
The GST Council has extended the due dates of GST Annual Return (GSTR-9) and GST Audit (GSTR-9C) for the financial year 2017-18 to 31 August 2019.
The due date of GST ITC-04 extended
The due date for filing of GST ITC-04 [for businesses sending and receiving goods to/from job-workers] for the period between July 2017 to June 2019 has been extended to 31 August 2019.
Blocking of e-way bill for non-compliant businesses postponed
The applicability of Rule 138E of the CGST Rules, which blocks the functionality of generating e-way bills for businesses who do not file GST returns for two consecutive tax periods, has been postponed to 21 August 2019.
E-ticketing system for multiplexes
â€9Multiplexes have been mandated to issue electronic tickets to ease tax collection by the government.
GST rates on electric vehicles
The proposal for reduction of GST rates on the sale of electric vehicles, electric chargers for such vehicles, and the leasing of electric vehicles has been sent to the Fitment Committee for their consideration. The Committee will deliberate on the issue and submit its recommendation to the GST Council.
Rationalization of GST registration documentation
In accordance with the 'ease of doing business' policy, now a person can obtain GST registration simply by registering his Aadhar number on the GST common portal, instead of submitting comprehensive documentation.
Tenure of NAA extended by two years
The tenure of the National Anti-Profiteering Authority (NAA) has been extended by two years. Furthermore, the Council has also approved levying a penalty of up to 20% in case of non-deposit of the profiteered amount by the business.
In-principle approval to electronic invoicing
The e-invoicing system, which will allow generating invoices on the GST common portal, has been approved in principle by the GST Council. The e-invoice will also act as the e-way bill and furthermore, would be auto-populated as the outward supplies of the business in the GST returns. The Phase I requiring e-invoicing of B2B invoices is proposed to be rolled out on a voluntary basis from 1 January 2020.
The extension of due dates for GSTR-9/9C comes as a big relief for the industry. Businesses should ensure that the additional time is utilized for resolving any issue, while obtaining clarity on various ambiguities to ensure that the GSTR-9 is filed as required under the law. This would also minimize the possibilities of qualification in GST audit report by the auditor.
The in-principle approval to e-invoicing (which has already been implemented in some other countries like China, Brazil, etc.) is also a major policy decision by the GST Council. Implementation of e-invoicing would ensure prevention of tax leakages resulting from fake invoicing by fraudsters, while also reducing the compliance burden on genuine businesses. However, it should be ensured that the information technology backbone of the GST portal is sufficiently scaled up to meet the requirements of e-invoicing.
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