(The Gist of PIB) 2nd anniversary of Goods and Services Tax to be celebrated [JULY-2019]

    (The Gist of PIB) 2nd anniversary of Goods and Services Tax to be celebrated [JULY-2019]

2nd anniversary of Goods and Services Tax to be celebrated

• To mark two years of GST implementation on 1st July 2019, the Finance Ministry unveiled a new return filing mechanism besides a host of other reforms to simplify the indirect tax system.
• Further reforms in current fiscal (2019-20):
• Introduction of New Return System on trial basis from 01.07.2019 and on mandatory basis from 01.10.2019.
• SAHAJ and SUGAM Returns for small taxpayers are proposed.

Key highlights

• Rationalisation of Cash Ledger in such a manner that earlier 20 heads are merged into 5 major heads. There is only one Cash Ledger for Tax , interest, penalty, fee and others .
• The Central or State Government which sanctions refund disburses all four major heads of refunds namely CGST, SGST, IGST and Cess.
• Threshold Limit of Rs 40 Lacs is offered of suppliers of goods as per the choice of States.
• Composition Scheme for small service providers up to annual turnover of Rs 50 lacs with a tax rate of 6%
• Electronic invoicing system in a phase-wise manner for B2B transactions is proposed to be introduced.
• GST Appellate Tribunals are being established at various State Headquarters and area benches also.

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Courtesy: PIB