Breaking News I No need to File GST Annual Return (GSTR 9,9A, 9C): 37th GST Council Meeting Proposal

GST Council may cancel Requirement of Filing GST Annual Return for F.Y 2017-18

GST Council may cancel filing of GST Annual Return (GSTR9/ GSTR9A) and GST Reconciliation statement GSTR9C for Taxpayers having turnover of less than 5 Crores for F. Y 2017-18.

Single Refund Authority

GST Council, in its meeting scheduled on 20th September is likely to propose a procedure to permit a single authority for sanctioning and processing GST refunds for exporters in a quick and an efficient manner.

Thus tax officials may check, review and sanction full tax refund (both Central GST and State GST ) once the refund claim is filed.

 GST Rate Reduction for Auto Industry

The GST Council-nominated fitment committee has expressed its reservations on slashing tax rates for automobiles to 18 percent from the current 28 percent. The fitment committee is of the view that a cut in GST rate would lead to a revenue loss of around Rs 50,000 crore annually.