one of the great results of GST Council Meeting held in Lucknow on September 17, businessmen who had not filed monthly GST or would not be able to file abridged return GSTR -1 Sales return of the following month from January 1 of the following year. The major decisions taken in the GST Council meeting include streamlined compliance, including mandatory Aadhaar authentication for businesses to file refund claims. This was done with the intention of avoiding revenue leakage due to evasion of Goods and Services Tax (GST), which was launched in July. Further, the Council on September 17, decided to amend Rule 59(6) of the Central GST Rules with effect from January 1, 2022, to ensure that a registered person is not allowed to furnish Form GSTR-1. if he has not furnished the return in Form GSTR-3B for the previous month. As per the law at present, the law prohibits filing of return for outward supplies or GSTR-1, if a business fails to file GSTR-3B for the last two months.
Rule 36(4) of the CGST Rules, 2017 to be amended, once the proposed clause (aa) of section 16(2) of the CGST Act, 2017 is notified, so as to enable the benefit of ITC in respect of challans/debit notes can be banned. The details of such invoices/debit notes are to be furnished by the supplier in Form GSTR-1/IFF and communicated to the registered person in FORM GSTR-2B, the press release said. The GST Council has also made Aadhaar authentication mandatory for GST registration to be eligible for claiming refund and filing application for cancellation or cancellation of registration. The Central Board of Indirect Taxes and Customs (CBIC) had notified Aadhaar authentication for GST registration with effect from August 21, 2020. Whereas businesses file GSTR-1 of a particular month on the 11th day of the following month, through GSTR-3B. Which businesses pay taxes are entered in a staggered manner between the 20-24th day of the following month.
The notification issued states that in case of non-submission of Aadhar card number, GST registration will be granted only after physical verification of the place of business. Mandatory GST registration linkage with biometric Aadhaar for claiming tax refund and applying for revocation of cancellation of registration. Also going ahead and bringing transparency, the Council decided that the GST refund will be disbursed in the bank account, which is linked to the same PAN on which registration under GST has been obtained.
The most talked about proposal to bring petrol/diesel under the ambit of GST was left untouched by the GST Council. Meanwhile, the council extended the GST relief on four drugs related to COVID-19 treatment till December 31, along with announcing tax cuts for more life-saving drugs. The Council convened its first physical meeting in 20 months – the last meeting was held on 18 December 2019 – with a packed agenda. The meeting was chaired by Finance Minister Nirmala Sitharaman. with this, The tax structure on the food delivery industry has been changed, now the food aggregators will collect GST from the customers and give it to the government. This has been done to prevent leakage in GST collection from restaurants. In the council, two GoMs were constituted to look into the issues related to rate rationalization in the form of GST and another to look into e-way bills, FASTag etc. Biggest one, the GST Compensation Cess was not increased and will continue till March 26. 2020.
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