35th GST Council Meeting Witness Growth In Business
By MYBRANDBOOK
The Goods and Services Tax (‘GST’) Council in its 35th GST council Meeting held on 21 June 2019 has taken several taxpayer friendly decisions. It is noteworthy that that is the first GST Council meeting chaired by the new Finance Minister Miss Nirmala Sitharamn after the formation of the government in May 2019.
The decisions of the 35th GST Council meeting are aimed at fostering growth in business, rationalising tax rates, addressing administrative issues being faced by taxpayers and paving the way for future-ready compliance mechanism. At the start of the Meeting, the Council passed a resolution acknowledging the stellar role played by Shri Arun Jaitley, the former Chairperson of GST Council and expressed its gratitude and appreciation for the exemplary contribution made by him in making the GST Council a shining example of co-operative federalism that it has become today. The Council also thanked the outgoing Members and welcomed the new Members of the Council. It also expressed its deepest condolences at the untimely demise of Shri Prakash Pant, the former Finance Minister of Uttarakhand.
Altogether, 12 Agenda items were discussed during the Council meeting. Some of these items were of regular nature like confirmation of the Minutes of the 34th GST Council Meeting, deemed ratification by the Council of notifications, circulars and orders issued by the Central Government between 12th March, 2019 and 11th June, 2019, taking note of the decisions of GST Implementation Committee, etc.
The Council took a decision regarding location of the State and the Area Benches for the Goods and Services Tax Appellate Tribunal (GSTAT) for various States and the Union Territories with legislature. It has been decided to have a common State Bench for the States of Sikkim, Nagaland, Manipur and Arunachal Pradesh.
The tenure of National Anti-Profiteering Authority has been extended by 2 years. GST Council has sent proposal to reduce GST rate on EVs to 5% from 12% to fitment committee.
The Council also decided to introduce electronic invoicing system in a phase-wise manner for B2B transactions. 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 1st January 2020.
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