VATupdate
VAT, GST

10 major decision taken in 35th GST Council Meeting

1. Extension of due date for filing first GST Annual Return & Reconciliation Statement

2. Implementation of GST Returns for small taxpayers (with turnover of up to Rs. 5 crores)

3. Implementation of GST Returns for large taxpayers (with turnover of more than Rs. 5 crores)

4. Extension to opt for New 6% Presumptive Taxation Scheme for service providers

5. Restriction imposed on generating e-way bill from August 21, 2019

6. Extension to file form GST ITC-04 in respect of goods sent to or received back from job worker

7. Extension of the tenure of National Anti-Profiteering Authority by 2 years

8. Establishing GST Appellate tribunal in various States.

9. Introduction of e-invoicing System to be implemented from January 2020.

10. Decisions related to changes in rates of Goods and Services

Source: taxmann.com

tax