31 total views
27TH GST COUNCIL MEETING HELD ON 4TH MAY, 2018-Outcome.-Key elements of the new return design are as follows.
- User friendly IT interface and offline IT tool to upload the invoices.
- 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.
- Seller can upload invoices anytime during the month and it shall be the valid document to avail input tax credit by the buyer.
- Automatic calculation of tax liability after uploading of invoices by sellers.
- Automatic calculation of input tax credit after uploading of invoices by sellers.
- No automatic reversal of input tax credit from buyer on non-payment of tax by the seller
- 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.
- Blocking of unloading of invoices by the seller who defaulted in payment of tax to control misuse of input tax credit facility
- Aims to simplify return design to reduce the compliance burden on the trade in keeping with the philosophy of ease of doing business.
- 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.
- Three stage transition to the new system.
- GSTN be converted into be a fully owned government Company.