First meet under new FM approves annual return date extension

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Presiding over her first GST Council meeting, Finance Minister Nirmala Sitharaman-led GST Council on June 21 extended the deadline to file annual returns to August 30. Sitharaman, who took over as Finance Minister last month, presided over the 35th meeting of the GST Council. All states expect Karnataka, Mizoram and Telangana were represented in the meeting. In a major move, the Council has decided to use Aadhaar for registration on GSTN. The Council approved the two-year extension of National Anti-profiteering Authority.

The Council also approved penalty for not paying profiteering charges. There will be penalty of 10 percent if one does not pay the profiteered sum till 30 days of the order. Council also gave its nod for barring e-way bill generation if returns for over two months have not been not filed.

Here are the other important talking points from today’s meeting:

–  E-ticketing for multiplexes approved

– Fitment Committee to take a relook at rate reduction on EVs

Read More at: https://www.moneycontrol.com/news/economy/policy/gst-council-meeting-first-meet-under-new-fm-approves-annual-return-date-extension-4124211.html