GST Council Meeting

GST Anniversary: 28th GST Council Meeting Date announced

28th GST Council Meeting Date announced on 19/07/2018. The major points will cover in next meeting are bellow

Annual GSTR 9 return

The annual GSTR forms are expected to roll-out in the Next GST council meet as the finance ministry is working hard to complete it as soon as possible.

The GSTR 9 form for filing annual returns may include sections that require taxpayers to give out details of their income tax declaration and explain any existing discrepancies. The move primarily aims to build a tax ecosystem that curbs tax evaders by gaining insights about the taxpayer or the company’s turnover. Some of the details that must be shared as per the provisions under GST include:

Who is required to file GST Annual return

  1. Every registered person, other than an ISD (Input Service Distributor),
  2. A person paying tax under section 51 of CGST Act 2017  or section 52  of CGST Act 2017.
  3. A casual taxable person and a non-resident taxable person, shall furnish an annual return for every financial year electronically in such form and manner as may be prescribed on or before the thirty-first day of December following the end of such financial year – section 44(1) of CGST Act.
  4. The return is to be filed by registered person under GST who are supplying goods or services or both.
  5. Thus, even taxable person paying tax under composition scheme is required to file Annual Return under section 44 of CGST Act.
  6.  Persons have to file Nil return if they are not paying GST, long as they are registered under GST.

Focusing AAR Centralisation

In Next GST council meet also looking to implement creating a centralised Authority for Advance Rulings for the GST after divergent rulings on identical issues fuelled confusion over applicability and the rate of tax.

Simplification of GST Returns Filing

The GST Council also discuss on unveiled a new simplified return that would require a taxpayer to file only one return every month and set a period of six months for the transition to take place.

The Inclusion of Fuels Under GST

The GST Council could consider bringing natural gas within the purview of Goods and Services Tax in its next meeting, an official said on Friday.

GST Council Joint Secretary Dheeraj Rastogi said aviation turbine fuel (ATF) would be another petroleum product that could also be brought within the GST ambit among five petroleum products.

Minimum Number of GST Slab Rate will be the agenda of meetings.

The GST Council could discuss to reduce number of GST slab Rate in its next meeting which is held in next month. Currently All Goods And Services categorized in four slabs 5%, 12%, 18% 28%.

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