The Goods and Services Tax Council on Friday extended the term of the National Anti-profiteering Authority by two years till November 30, 2021, and announced a penalty of up to 10% on entities not passing on benefits of GST rate cuts to consumers, PTI reported.
Revenue Secretary AB Pandey also said that the GST Council decided to allow businesses to use Aadhaar to register with the GST Network. Pandey added that the last date for filing GST returns was extended to August 30, and that the new, one-form GST filing system will become available from January 2020.
The GST Council is headed by Union Finance Minister Nirmala Sitharaman. On Friday, it also approved an electronic invoicing system and e-ticketing in multiplexes.
The National Anti-profiteering Authority was constituted on November 30, 2017, nearly six months after the Goods and Services Tax was rolled out on July 1 that year. The authority has so far passed 67 orders in various cases.
Sitharaman, addressing the 35th meeting of the GST Council, said that the body has done “tremendous work” since its inception, the Ministry of Finance tweeted. Sitharaman said that the council has to undertake further simplification of GST rates, their rationalisation, and bringing more items within the ambit of the tax.
In its 34th meeting in March, the council had given builders a choice between old tax rates and new ones for under-construction residential projects. The meeting also laid out transition rules for the implementation of new tax rates for the real estate sector.