The induction of Goods and Services Tax (GST) in India is a significant shift from the current...
The 35th GST Council meeting held on June 21, 2019 is the first council meeting chaired by the current and the second female Union Finance Minister, Smt. Nirmala Sitharaman. Various amendments are proposed to be made in this meeting for the simplification of GST Rules.
Let us describe the points which were drawn attention to in this meeting;
The following are the major highlights of this meeting
The 35th GST Council meeting was held on June 21, 2019 in New Delhi. This meeting was chaired by present Financial Meeting of the newly elected Government of India. Altogether, twelve agenda items were discussed in this meeting including the minutes of the 34th Council meeting.
Options with respect of ongoing projects: The promoters will be provided with a one-time option to continue to pay their taxes at a rate at which they were paying previously. This is applicable for taxpayers whose projects are still ongoing.
New tax rates: new tax rates will be applicable to new ongoing projects which have exercised the prescribed activities.
Conditions for the new tax rates: The new tax rates includes 1% for construction of affordable and 5% on other than affordable houses will be available under prescribed conditions
Opting for the new tax rates will transition the ITC as per the prescribed methods for the ongoing projects
Treatment of TDR/FSI and long term lease for projects started after 1 April 2019
Amendment in the ITC rules
The 35th council made rules regarding the simplifications of GST Rules. These rules will simplify the GST return system for consumers. Steps are taken towards reducing paperwork and reduce hassle for taxpayers when registering themselves under GST. The meeting also resulted in upgrading of upgrade for the verification system of taxpayers. E-ticketing is compulsory for multiplexes to prevent selling of tickets in black.