37TH GST COUNCIL MEETING
21, Sep 2019
Prelims level : Economics- Taxation Mains level : GS-II- Indian Economy and Issues Relating to Planning, Mobilization of Resources, Growth, Development and Employment.
Why in News?
- The 37th GST Council met on 20th September 2019 in Goa under the chairmanship of Union Finance Minister.
- 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.
- 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.