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Probable decisions in the much awaited 35th GST Council meeting on 21st June
This is the First meeting to be chaired by new Finance Minister Ms Nirmala Sitharaman.
It will probably Focus on checking tax evasion.
Decisions likely to be taken on following issuew :
(1) Compulsory generation of e-invoicing by large companies (likely limited to business-to-business transactions initially)
(2) Validation of e-way bills (electronic permits issued for the movement of goods) with the data generated at toll plazas – Validating e-way bills with the data generated by radio-frequency identification-enabled vehicle’s
(3) Lowering the GST rates on some of the commodities. Even the GSTN may set a roadmap for abolishing 28% GST Rate
(4) Geotagging of companies- Currently, ministry of corporate affairs (MCA) is implementing a geotagging scheme for companies aimed at identifying every active company and the people behind them.
Pooling the geo-tagging information available from MCA database with the data generated by indirect tax authorities will help in verifying the credentials of parties to a transactions.
Figures are crossed now. Let us wait for the final outcome today.