According to officials in the Finance Ministry.GST Council meeting where rate reductions for electric vehicles (EVs) and the extension of the term of the National Anti-Profiteering Authority till November 2020.
Tax experts the Council’s real focus on addressing concerns regarding the new return filing system
The start-up community is asking for the Council to further streamline the input tax credit refund system. A large portion of their working capital is locked away.
Some of the items on the table are a possible rate reduction to 5% for electric vehicles (from the 12% currently) till November 2020. The official indicated could be a discussion on an electronic invoices system. The discussion must also focus on the annual return filing form which is due to be filed on June 30.
This is the first annual return that tax-filers will be filing for GST. It requires a lot of detailed information, things that were not asked either in GSTR-1 or GSTR-3B. The start-up community previously highlighted to Finance Minister Nirmala Sitharaman the problems faced by the sector with input tax credits being held up.