GST Update | GST Audit FY 2017-18 due date extended
The GST Council in its 35th Meeting held on 21st June-2019 extended due date of GST Audit of FY 2017-18 to 31st August-2019, the earlier it was due on 30th June-2019. The Council has taken other decisions are as under:
1. Decision for reduction of rate on electric vehicle (EV) is given to Fitment committee – decision is expected in next council meeting. Current rate on EV is 12% and proposal is to reduce it to 5%
2. Anti-profiteering mechanism which was to end on 30th June-2019 has been extended for another 2 years till 2021.
3. If Profiteered amount is not deposited as per the order of the authority within 30 days then supplier will have to pay Penalty of 10% on it.
4. Registration process simplified by using Aadhar back bone
5. Generation of invoices on Government portal given in-principle approval, once implemented, this invoice will be treated as E-way bill as well.
6. E-ticketing for multi-plexes approved
7. Major discussion took place on how to control Fake / bogus billing - details awaited