MM TAX CLUB

GST Council accepts to adopt GoM recommendations for e-way Bill generation for gold, gold jewellery and precious stones.

GoM Recommends:

To allow states to impose requirement of e-way bill for intra-state movement of gold/precious stones, if they want

Min threshold of Rs 2 Lakh, above which states can decide any amount as threshold for generation of e-way bill for intra-state movement

Source : https://twitter.com/CNBCTV18Live/status/1541745160442511360?t=bPRm5wt-dRGvREDGifI3OQ&s=19

Annual return forms for FY22 may be notified with minimal changes. Annual return forms for FY22 to continue with some relaxations/modifications, say sources on GST Council Meet

5. Annual return forms for FY 2021-22 may be notified with minimum changes
5. Annual return forms for FY 2021-22 to continue with some relaxation/modifications
5. No need to file annual return in form GSTR 9/9A with threshold of Rs.2 Cr. For FY 2021-22.

Source : https://twitter.com/CNBCTV18Live/status/1541704882100600832?t=oi3NgCtDSn8hpurOtFNXvA&s=19

GST council has given relief to e-commerce sellers, The council allows e-commerce operators to register under composition scheme of GST if they are eligible for this.

Also its likely relief for e-commerce sellers from mandatory filing above a certain threshold.

These information’s are available as per sources and we have to wait for press release or notification for confirmation of the same.

GST council has decided to ease compliance burden of the taxpayer, some of the changes which are proposed in 1^st day of GST council meeting are as under;

1. GST Council agree to ease compliance bottleneck for e-commerce suppliers
2. GST council allows e-commerce suppliers to register under composition scheme, to ease registration & Reduce Tax outgo.
3. GST council allows amendments in GSTR-3B (Monthly GST return to be filed by taxpayers)
4. GST allows government run NIC as another platform to register e-invoice
5. Council agrees to have 6 invoice registration portal to come in action in next 6 months
6. Council agrees to empower both centre and state to issue show cause notice despite whether the taxpayer does not fall in their jurisdiction, measure to plug leakage.

Source : https://twitter.com/CNBCTV18Live/status/1541699367060766721?t=g8CowSqXCQBbcRO9fcpslg&s=09