(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.

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.