2 YEARS OF GST- 2ND ANNIVERSARY ON JULY 1ST
Goverment is set to organise an event on 1st july, for sceond anniversary celebration of Goods And Service Tax (GST) which would be addressed by finance minister Nirmala Sitaraman and her deputy Anurag thakur.It was Launched on the midnight on June 30 by Prime Minister Narendra Modi and President Pranab Mukherjee, the taxation scheme aimed at bringing all taxes into a single window.However, the tax structure has been criticised time and again by the Opposition for its negative impact on small traders and Small and Medium Enterprises.
Event is supposed to be held on Ambedkar Bhawan where all the state and central tax authorities would be present.
According to the official notification there would be presentation on two years of road map on GST and road ahead to indirect tax regime. The pilot of new return filling, which will replace the current system of GSTR-3B ( and GSTR-1, would also be launched on july 1, 2019. GST also transformed india into " one nation, one tax and binded the country into an economic union.The Council has held discussions in a "harmonious and collaborative spirit" in the 30 meetings that have taken place so far.The detailed agenda notes for the 30 GST Council meetings ran into 4,730 pages, while the minutes of the meetings ran into 1,394 pages, the statement said.
The GST council also decided to impose more strigent penelities for companies engaged in profitering. If the profiteered amount is not surrendered within 30 days, then the company will face penalty to the extantof 10 % of the same, said Revenue secratary during a briefing after the GST council meet. Earlier provisions called for a penelty of 25000 in addition to the profiteered amount.