admin November 15, 2019

27TH GST COUNCIL MEETING HELD ON 4TH MAY, 2018-Outcome.-Key elements of the new return design are as follows.

1. User friendly IT interface and offline IT tool to upload the invoices.
2. Dealers having nil transaction- (Composition and other dealers) shall have facility to file quarterly return. They need to click simply a button and return will be uploaded.
3. Seller can upload invoices anytime during the month and it shall be the valid document to avail input tax credit by the buyer.
4. Automatic calculation of tax liability after uploading of invoices by sellers.
5. Automatic calculation of input tax credit after uploading of invoices by sellers.
6. No automatic reversal of input tax credit from buyer on non-payment of tax by the seller
7. Recovery of tax or reversal of input tax credit shall be only after issue of online notice and online order. Human interface aimed to reduce.
8. Blocking of unloading of invoices by the seller who defaulted in payment of tax to control misuse of input tax credit facility
9. Aims to simplify return design to reduce the compliance burden on the trade in keeping with the philosophy of ease of doing business.
10. The council has recommended for setting up of a Group of Ministers from State Governments to look into matter of Incentive to promote Digital Transactions and Imposition of Sugar Cess over and above 5% GST and reduction in GST rate on ethanol.
11. Three stage transition to the new system.
12. GSTN be converted into be a fully owned government Company.