You are here: Home » News-IANS » Business-Economy
Business Standard

GST Council to meet on June 20 amid hopes of rate cuts

IANS  |  New Delhi 

Ahead of the Union Budget, the all-powerful will meet on June 20 and discuss the proposal to fix Rs 50 crore as the turnover threshold for entities to generate on a centralised portal for business-to-business (B2B) sales.

Extending the tenure of the GST anti-profiteering body is also on the Council's agenda.

"The agenda is being finalized. The issue of turnover threshold and extension of anti-profiteering body would definitely be there," a said here.

The forthcoming (GST) Council meeting assumes significance as it will be the first after the came returned to power last month with a massive mandate for a second consecutive term.

The Council meeting will be closely watched in the wake of the sluggish and lower-than-expected GST collections in May.

would the meeting for the first time with Finance Ministers of all the states in attendance.

The proposal to fix the turnover threshold for generating e-for B2B sales is aimed at curving tax evasion.

has found that while businesses with annual turnover of Rs 50 crore or more account for just 1.02 per cent of GST payers, they make up almost 30 per cent of the B2B invoices generated in the system.

The proposed move would effectively require all big businesses to generate for B2B sales.

The centralised system for uploading invoices is expected to be in place by September.

As a result, these firms would be spared from the twin procedural work of filing returns and uploading invoices.

From the government perspective, it will help in curbing misuse and tax evasion.

There are industry expectations of another round of rate cuts in the highest tax bracket of GST, especially for automobiles, which will help boost sales.

--IANS

nk/sn/bc

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, June 11 2019. 21:40 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU