GST Council Meeting Expectations from Tax Connect Advisory Services
GST Council meeting will be important event for the markets and business owners in India as many experts are expecting the council to announce some changes in tax slabs for certain segments.
Views of Mr. Vivek Jalan, Co-founder, Tax Connect Advisory Services regarding expectations from GST Council meeting...
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.