37TH GST COUNCIL MEETING

Prelims level : Economics- Taxation Mains level : GS-II- Indian Economy and Issues Relating to Planning, Mobilization of Resources, Growth, Development and Employment.
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Why in News?

  • The 37th GST Council met on 20th September 2019 in Goa under the chairmanship of Union Finance Minister.

Key Recommendations:

  • Relaxations in annual returns filing for MSMEs for the financial year 2017 – 18 and 2018 – 19.
  • A committee of officers would be appointed for examining the simplification of forms for annual return and reconciliation statement.
  • Extension of the last date for filing of appeals against orders of the Appellate Authority before the GST Appellate Tribunal as the Appellate Tribunals are yet not functional.
  • The new return system would be introduced from April 2020 instead of the previously proposed October 2019.
  • Suitable amendments would be made to the CGST Act, UTGST Act and corresponding SGST Acts in view of the creation of the union territories of Jammu & Kashmir and Ladakh.Integrated refund system with disbursal by a single authority to be introduced from 24th September 2019.
  • The Council also took an in-principle decision to link Aadhaar with the registration of taxpayers under GST and also to examine the possibility of making the 12-digit unique identification number mandatory for claiming refunds.
  • Changes were also made to the GST rates for various goods and services.

GST Council:

  • The Goods and Services Tax Council is a constitutional body for making recommendations to the Union and State Governments on issues related to Goods and Service Tax.
  • It is chaired by the Union Finance Minister.
  • The other members are the Union State Minister of Revenue or Finance, and Ministers in-charge of Finance or Taxation of all the States.
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