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GST Council meet
Why is it in the news?
- The 35th meeting of GST Council is held on Friday(21 June) 2019.
- The GST Council took a number of decisions aimed at easing the registration and returns filing process.
More in the news
Measures Decisions:
- The Council also decided to introduce a new one-form new GST return filing system, which will be applicable from January 1, 2020.
- The GST Council also eased the registration process by allowing the use of Aadhaar by businesses to register with GST-Network.
- The Council extended the tenure of the anti-profiteering authority by two years.
- It also approved imposition of a penalty of up to 10% on entities not passing on benefits of GST rate cuts to consumers.
- In addition, the tenure of the National Anti-Profiteering Authority has been extended by two years to near the end of 2020.
- The Council also approved into law decisions taken by it in earlier meetings, such as:(1) Raising the turnover threshold below which GST registration was not necessary to ₹40 lakh a year from ₹20 lakh a year.(2) Extending the Composition Scheme to services.
GST Council:
- GST council is a constitutional body for making recommendations to the Union and State Government on issues related to Goods and Service Tax.
- The GST Council is chaired by the Union Finance Minister and other members are the Union State Minister of Revenue or Finance and Ministers in-charge of Finance or Taxation of all the States.
Source
The Hindu.