The Goods and Services Tax (GST) Council on June 21 extended the deadline to file annual returns by 30 days to August 30 and approved penalty for not paying profiteering charges. The new one-form GST return filing system will start from January 1, revenue secretary AB Pandey said. Finance minister Nirmala Sitharaman presided over the council’s 35th meeting.
There will be penalty of 10 per cent if one does not pay the profiteered sum till 30 days of the order.The Goods and Services Tax (GST) Council on June 21 extended the deadline to file annual returns by 30 days to August 30 and approved penalty for not paying profiteering charges. The new one-form GST return filing system will start from January 1, revenue secretary AB Pandey said. Finance minister Nirmala Sitharaman presided over the council's 35th meeting.#
The council also decided to introduce electronic invoicing system in a phase-wise manner for business-to-business transactions, made e-ticketing for multiplexes mandatory, and decided to use Aadhaar details for registration on GST network (GSTN).
"E-invoicing is a rapidly expanding technology which would help taxpayers in backward integration and automation of tax relevant processes. It would also help tax authorities in combating the menace of tax evasion. The Phase 1 is proposed to be voluntary and it shall be rolled out from Jan 2020," said an Indian Government press release.
All states, expect Karnataka, Mizoram and Telangana, participated in the meeting. (DS)
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