Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 21-12-2018 – GST Council is meeting on Saturday, 22nd December, 2018, perhaps for the last time in 2018 and for the first time after recent elections in few states. With the dates for filing GST Annual returns already postponed to March 2019, this meeting is likely to focus on GST rate cuts to bring further rationalisation in rate structure in India. This meeting may also address the woes of several trade concerns regarding taxability of certain goods and services, which are widely consumed across India. In view of the fact that India goes to general elections for Parliament in less than six months from now (May, 2019) and the recent state election results, there is going to
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ax be allowed on cash basis or on quarterly basis TDS / TCS may be made non-applicable All types of payment of tax under RCM to be with held Aggregate turnover threshold may be increased for both services and goods Composition scheme to be expanded Rate of interest on delayed payment be reduced for MSMEs. Exemption from audit of accounts under GST, if already audited otherwise Repetitive billing to be allowed on consolidated basis No tax on advance money received Export procedures to be simplified further Time bound processing of refunds pending verification Special facilitation centres for assistance in filing / payment etc No fee on seeking advance ruling Immunity from penalties against procedural irregularities for atleast two years (til
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