HOME > MARKETS > ECONOMY NEWS
  ECONOMY NEWS
ECONOMY
GST Council extends anti-profiteering authority's tenure, date for filing annual returns
Jun-24-2019

The Goods and Services Tax (GST) Council, which is headed by the Union Finance Minister Nirmala Sitharaman, has extended the tenure of the anti-profiteering authority by two years till November 2021 and allowed use of Aadhaar as proof for obtaining GST registration while referring tax cut on electric vehicles and their chargers to an officers' committee. It also approved imposing a penalty of up to 10 percent of the profiteered amount on entities for not passing on benefits of GST rate cuts to consumers, as against the current norm of levying a maximum fine of Rs 25,000.

In its 35th meeting, the Council also extended the date for the filing of annual returns under the GST regime for 2017-18 fiscal by two months till August 30, 2019. Also the date for barring non-filers of GST returns for two consecutive months from generating e-way bills for transporting goods has been extended by two months till August 21, 2019.

Further, the Council has given in-principle approval to launch of an electronic invoicing system on a pilot basis from January 1, 2020, made it mandatory for GST-registered multiplexes to issue e-tickets, and also decided to seek Attorney General opinion on the issue of GST rate on lotteries. According to the proposal, entities with a turnover of more than Rs 50 crore will be required to generate electronic invoices on a government portal for B2B sales.

  RELATED NEWS >>