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GST Council Working on Possible Changes
India has as of late seen a grand occasion, for example, Lok Sabha Election 2019. The landslide triumph of the NDA government and the return of the BJP Government have overjoyed the entire country.
We must realize that it was this decision government that had brought the GST act 2017. Until now, the GST law has effectively upgraded the Indian economy and has helped the agents having GST registration all things considered.
In the new Government, we must know which critical changes in GST that is probably going to happen in the coming future.
Exporters to get programmed GST Refund
The main breaking news is that the exporters of goods and services, just as the providers in SEZ units, will presumably get the GST refunds naturally from June 2019, as guaranteed by the decision government.
- The income office has chosen to bring a straightforward review of GST discount claims and their quicker settlement.
- Extensively, every individual who has GST registration and has made a GST discount guarantee by virtue of ‘zero-evaluated’ supplies can pick off one of these-
- It is possible that he can send out without IGST risk by LUT registration and marking LUT. In that, he may guarantee the discount of collected Input Tax Credit (ITC). Or then again
- He can likewise do send out in the wake of paying IGST and guaranteeing the discount thereof.
- In the two cases, the administration will most likely computerize the refunding procedure.
QR Code-based Online Payment in Shops
One more incredible news is- a new QR code-based online payment choice through UPI will most likely be made mandatory at all the shops.
- Along these lines, the shoppers would be effectively ready to settle on this computerized method of instalment.
- The shoppers, just as retailers, would then wind up qualified for the GST benefits. The Shopkeepers would almost certainly get Input Tax Credit.
- This measure is for advancing computerized instalment all through the country.
- In addition, this would anticipate the GST evading and would support GST income.
- The detail of the computerized instalment instrument is as of now being worked out at the focal dimension in a joint effort with National Payments Corporation of India (NPCI).
#3. Streamlined GST Return Filing Component.
The GST Council had just advised in its 28th gathering that another GST return filing method would be made powerful. This would comprise of 3 fundamental sorts of GST returns:-
- Typical: GST Ret-1
- Sahaj: GST Ret-2 and
- Sugam: GST Ret-3
The new GST return filing model was successful from first April 2019 as a pilot venture. This system will presently be made mandatory all over India with impact from July 1, 2019.
RCM on Input for Real Estate Development.
According to the new guidelines, an advertiser of a real estate task will create in any event 80% of the estimation of input services, from providers having GST registration.
The advertisers will currently pay GST on the invert charge premise on all such input services
B2B Invoices Through the Government Site
The Government will probably make it mandatory that all GST invoices for B2B offers of firms with turnover over a particular edge farthest point to be created on government gateway by September 2019.
The point behind this is to counteract counterfeit GST invoices and tax evasion.