GST (Goods and Services Tax) Council, in its first meeting after the PM Narendra Modi government came back to power, allowed the use of Aadhaar number as proof for obtaining GST registration, reported news agency Press Trust of India (PTI). Easing the enrollment process for new firms, the Council decided to allow the use of 12-digit Aadhaar number for getting the registration. Aadhaar number is a 12-digit number issued by the UIDAI (Unique Identification Authority of India) to the residents of India.
Here are 5 things to know about the announcements:
1. “It has been decided to allow the use of Aadhaar by businesses to register with GST-Network,” Revenue Secretary Ajay Bhushan Pandey said addressing a press conference after the 35th GST Council meeting.
2. The Council, which is headed by the Union Finance Minister and comprises representatives of all states and Union Territories, also approved an electronic invoicing system and e-ticketing in multiplexes. The electronic invoicing system would be rolled out in a phase-wise manner for B2B transactions.
3. In a separate move, the Council extended the tenure of National Anti-Profiteering Authority by two more years till November 2021 to ensure companies pass on the benefits of lower GST rates to consumers.
4. The Council’s meeting, chaired by Finance Minister Nirmala Sitharaman, also approved imposing a penalty of up to 10 per cent of the profiteered amount on entities for not passing on benefits of GST rate cuts to consumers, as against the current norm of levying a maximum fine of Rs. 25,000.
5. Also, it extended the date for filing annual returns under the Goods and Services Tax (GST) regime by two months to August 30….Read More>>