Weekly Roundup – India GST News & Updates you need to know
- Mar 20, 2020 | Divita S Gupta
The Government has kept busy this week with the 39th GST council meeting, demands by the Aviation industry, and plans to roll out the integration of e-way bill and FASTag. Check out all the updates on #GSTThisWeek.
Multiple trips on one GST e-way bill not possible from April as Government to integrate e-way bill with FASTag
In yet another measure to keep tax evasion in check, the Government plans to integrate the e-way bill with FASTag. This significant move will restrict transporters from using a single e-way bill for multiple trips and help the Government keep track of the movement of goods on National Highways.
Aviation ministry pushes to bring airline turbine fuel under GST
The fall in crude oil prices clubbed with the travel restrictions enforced due to the outbreak of the Coronavirus has the aviation ministry struggling once again. In a bid to provide the industry with some relief, civil aviation minister Harshdeep Puri has once again made a bid to bring airline turbine fuel under the GST framework.
E-commerce players receive notices to explain differences in sales numbers
A large number of e-commerce companies including the likes of Amazon and Flipkart have received notices from GST authorities demanding an explanation of the differences in sales numbers reported while collecting tax at source (TCS) and the sales reported by the sellers in their monthly return GST-3B between October 2018 to September 2019. It is suspected that c-commerce companies have under-reported sales and paid lower taxes in self-declared returns, thereby leading to large scale tax evasion.
39th GST Council Meeting was held on March 14, 2020
The 39th GST Council Meeting highlights include amendments to CGST Rules, changes in GST rates, and pushed dates for rolling out e-invoices and e-wallets. Here is a gist of the updates.
GST system to get IT Upgrade by July
The GST Council has demanded that Infosys upgrade the GST system by the end of July this year.
Changes in GST rates
GST rates on mobile phones and maintenance, repair, and overhaul (MRO) services will see hikes in the new financial year.
5 Important changes in the CGST Rules
Amendments to CGST Rules 2017 include changes in the procedure for reversal of ITC, introducing a fixed for the value of the export supply and Aadhar based authentication for new taxpayers.
E-invoicing, QR code, and e-wallet roll out rescheduled
The council has announced that the rollout of e-invoicing and QR code will not happen in October 2019, while the e-wallet facility for exporters is likely to be issued by the end of the month.
To know all the highlights from the GST council meeting, click here.
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