31st GST Council meeting will be held today
31st GST Council meeting will be held today to discuss issues related to ease of filing of returns, refund processes and cutting GST rates on some items.
*WHISPERS – Under active consideration in GST Council meet –
• *Postponement of GSTR-9 & GSTR-9C*
• *Good news for builders*
• *Time to correct mismatches between the GSTR-1 and GSTR-3B on the GSTN portal*
• *Waiver or part reduction of some penalties*
• *Rationalization of Cash Ledger procedure by reduction of heads*
• *Blocking of e-Way Bill facility of not non-filers*
• *Reduction of tax rates on select items*
Not immediately but steps to reduce litigation and writs such as to allow ITC on invoices or debit notes of 2017-18 u/s 16(4) till March 31, 2019. Some of these may be decided this time but deferred till next meeting in January.