Tax Experts react to 35th GST Council's announcements on June 21

The 35th GST Council meeting chaired by the new Finance Minister, Mrs. Nirmala Sitharaman, delved into various important & pressing issues, which have been plaguing the Industry. 

Extension of due date for annual return and audit report brings a huge sigh of relief for businesses who were grappling with understanding the disclosures in light of the recent clarifications.Further, while the decision regarding locations of the GST Appellate Tribunal is a welcome move, the extension of term of National Anti-profiteering Authority (NAA) by two years, coupled with a penalty of 10%, clarifies Government’s intent to sustain anti-evasion measures under GST. 

On the compliance front, one of the major changes made pertains to ease of GST registration by introduction of Aadhar based registration. The Council has also laid down the roadmap for implementation of new GST return formats, phase-wise implementation of E-invoicing system for B2B transactions with voluntary rolling out from January 2020.

The Who's Who of the Tax World reacts to the decisions taken by GST Council on June 21.