More action is expected from GST council, post Union Budget - Vivek Jalan

Vivek Jalan, Co-founder, Tax Connect Advisorr Services

The 35th Meeting of The GST Council was short but has laid the road map of a more stringent tax compliance regime and mechanism to plug leakage of revenues of the Government. The Council decided to implement the new GST returns from October 2019 and implement E-Invoicing from January 2020. Both these measures would help the Government track the GST transactions more closely and in further details. Trade and Industry need to gear up for these changes by redesigning their ERP/Accounting Systems to match up to these new returns. A welcome and much-awaited move was also to defer the Annual GST returns and GST Audit till 31st August. Further ,there are indications that the GST rate on Electronic Vehicles and Solar Power Generating Systems may be reduced in the near future. Post The Union Budget, more action is expected from the GST Council.

Source : Equity Bulls

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