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GST Council to Introduce New Method of Return Filing in Six Months

"The committee will examine how these contingencies to be addressed by the GST regime. Its constitution will be announced in the next two days," he said.

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The GST Council on Friday decided to roll out in six months a new method of filing monthly returns and to take over ownership of the GST Network (GSTN), even as it deferred a decision on imposing a sugar cess and allowing an incentive for digital payments.
GST in India, Wikimedia commons
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The GST Council on Friday decided to roll out in six months a new method of filing monthly returns and to take over ownership of the GST Network (GSTN), even as it deferred a decision on imposing a sugar cess and allowing an incentive for digital payments.

Briefing reporters here following the 27th meeting of the GST Council, the Chairman and Union Finance Minister Arun Jaitley said the Council had decided to set up two separate groups of five Finance Ministers of states to give recommendations both on the imposition of a cess on sugar as well as a 2 per cent incentive for making payments digitally.

“The GST Council discussed the change in ownership structure of GSTN. As per the original structure of GSTN, 49 per cent is held by the government and balance 51 per cent by other entities,” Jaitley said.

“I had made a suggestion that this shareholding of 51 per cent should be taken over by the government and divided equally between the states and the Centre.

“Eventually, the central government should hold 50 per cent and states will hold 50 per cent collectively. The collective share of states will be pro-rata divided among them per their GST ratios,” he added.

The GST Council on Friday decided to roll out in six months a new method of filing monthly returns and to take over ownership of the GST Network (GSTN), even as it deferred a decision on imposing a sugar cess and allowing an incentive for digital payments.
GST Filing, Pixabay

Noting that sugarcane farmers are in deep distress due to rise in costs, Jaitley said the Council decided to constitute a group of five ministers within two days to make a recommendation on ways to meet contingency arising when the cost of a commodity is higher than its selling price. The committee will submit its report within two weeks keeping in view the urgency of the matter, Jaitley said.

“The committee will examine how these contingencies to be addressed by the GST regime. Its constitution will be announced in the next two days,” he said.

A separate group of five ministers from states will be constituted in two days to recommend a 2 per cent concession, subject to a ceiling of Rs 100 per transaction, to consumers if they pay through digital modes. This report will be submitted before the next GST Council meeting.

“The issue before the council as whether on digital payments through either the banking mode or the cheque mode or any form of digitised mode, a two percent incentive should be given to those who pay entirely through digitised mode. This would be subject to a cap of Rs 100 per voucher and would not apply to the composition dealers,” the Minister said.

Also Read: To Review The Existing Framework of MIIs, SEBI Puts Forward Higher Regulatory Requirement

The Council on Friday also approved the new simplified model of filing returns, to be implemented after six months, providing for one monthly return for all taxpayers, except composition dealers and those with nil tax liability.

“Composition dealers and dealers having nil transaction shall have facility to file quarterly return,” Finance Secretary Hasmukh Adhia said elaborating on the new model.

He said the six-month transition phase is required to get the new software ready, during which the present system of filing GSTR 3B and GSTR 1 returns would continue, adding that taxpayers could continue to claim provisional credit in this period. (IANS)

 

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Israel Takes Back Its Name From Security Council Election

Israel has never held a Council seat and would have been difficult for Israel to win against those to European nations, but it would have won by default if it was unopposed in the group.

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A tough new warning from Israel to Iran is raising fears of war in the Middle East.
Israel Flag, Pixabay

Israel has withdrawn from the election for a two-year term on the Security Council that pitted it against Germany and Belgium.

Israel’s UN Mission announced the decision shortly before a debate between the three candidates was due to start at the UN on Friday afternoon.

“After consulting with our partners, including our good friends, the State of Israel has decided to postpone its candidacy for a seat on the Security Council,” the mission said.

The non-permanent seats in the Council are distributed regionally and Israel, which is in the Western European and Other Group (WEOG), had planned to contest one of the group’s two seats for the 2019-2020 term.

The failure to run unopposed for the WEOG seat is a diplomatic setback for Israel, which has never had a seat the Council, and, according to the US ambassador to Germany, Richard Grenell, a broken promise by West European countries.

Israel has withdrawn from the election for a two-year term on the Security Council that pitted it against Germany and Belgium.
UN Security Council Chamber, wikimedia commons

He asserted in a tweet in March that Washington, which had brokered a deal for Israel to run unopposed for one of the WEOG seats, must ensure that the European nations kept their word.

Grenell said that the late Richard Holbrooke, a former assistant secretary of state, had arranged the deal..

Although Middle Eastern nations are in the Asia-Pacific Group, Israel has faced opposition from some members of the group and was taken in by the WEOG.

Israel has never held a Council seat and would have been difficult for Israel to win against those to European nations, but it would have won by default if it was unopposed in the group.

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There is one vacancy for the Asia-Pacific Group for 2019-2020 term and Indonesia and Maldives are contesting it.

They will participate in a candidates’ debate for the region organised by the World Federation of United Nations Associations on May 14.

All the 193 members of the UN will, however, vote for the non-permanent members of the Council, even though the seats are distributed by region.

The elections are scheduled for June 8. (IANS)