The 37th GST council is likely to discuss the following issues in the upcoming meeting:Reduction of GST Rates in Auto Sector,Review return filings,ITC treatment in the healthcare sector,Review present Revenue Position,Single Authority Mechanism for Export Refunds.
CBIC, in an attempt to reduce the dwell time, improve supply chain efficiency and minimise the cost on logistics for EXIM (Export-Import), has undertaken various steps and initiatives.
Input Tax Credit (ITC) by applying the formula stated in Annexure of notification, within the due date of 20th September.
Service Export from India Scheme is reward-based initiative from the government, which aims to elevate the export of certain notified services and eventually boost the economy.
What is Sabka Vishwas – Legacy Dispute Resolution Scheme? Sabka Vishwas (LDRS) Scheme, 2019, a dispute resolution and amnesty scheme under GST, shall come into force from September 1, 2019.
The Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019,(SVLDRS) application has been made available online from 1-9-19.
The 36th GST Council Meeting was held on 27th July 2019 with the prime agenda being – reduction of GST rates applicable on Electric Vehicles.
The annual return is divided into 6 parts, Part I covers basic details while Part II is for outward supplies. Part III is important section covering ITC related reports in Table 6, Table 7 and Table 8.
GSTR 9 Annual Return preparation is round the corner. With due date extended twice from 31st December 2018 to 30th June 2019 and from 30th June 2019 to 31st August 2019, it is expected that this time there won’t be any extensions.
CBIC vide Circular No. 105/24/2019-GST dated June 28, 2019, has clarified that the treatment of tax in cases of secondary discounts or post-sales discount under GST regimes for the purpose of determination of the value of supply.
Although the due date to file the annual return forms has been extended to August 31, 2019, the confusion among the taxpayers is yet to be settled.
The Government has issued various notifications, Order and Circulars for implementing the decisions taken in the 35th meeting of the GST Council.
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