The Goods and Services Tax (GST) Council meeting is due on June 20. This is the first meeting of the GST Council in the second term of the Modi government. In this meeting, various 28% slab products can be announced for relief. Apart from this, there are many important announcements, including the e-invoice in the council meeting.
According to the news agency PTI, the proposed arrangement for e-invoicing on a centralized government portal for purchase-trading (B2B) between the company and the company from the company to the council meeting can be considered. The Ministry of Finance is planning to start e-invoicing system from September.
This move of the government will strengthen efforts to curb theft of GST. According to the information given by the companies, 68,041 companies showed a turnover of more than Rs 50 crore in 2017-18. These companies contributed 66.6 percent to GST. While talking about GST paying units, the share of such companies is only 1.02 per cent, but their share of B2B invoice is about 30 percent.
28 percent slab may change
According to media reports, a lot of things can be removed from the tax slab by 28 percent. Some states have endorsed tax deductions. Explain that 28 percent GST slabs – luxury cars, ACs, fridges, premium cars, cigarettes, expensive bikes.
GST Collection of May
Let us tell you that in May, GST collection has registered an increase of 6.67%. This time collection of Rs. 1,00,289 crore was made. According to the Ministry of Finance, Rs 17,811 crore CGG, Rs 24,462 crore has been collected from SGST, Rs 49,891 crore from IGST (including Rs 24,875 crore collected from import duty) and CAS from Rs 8,125 crore (Rs 953 crore import duty). The collection was lower than that of April, which was at the highest level of Rs 1,13,865 crore. For the month of April 31, 2019 total 72.45 lakh GSTR 3B returns were filed.
