As per Section 35 of the GST Act, it is mandatory for a taxpayer to maintain a timely and apposite record of his GST accounts and GST ledgers. Failure maintain these GST records can lead to added tax liability on unaccounted goods and services along with applicable penalties,.
GSTR 9 filing due this month end on 30th June after once been extended and an intermediate clarification by the ministry on no more extension, it was a matter of concern as the taxpayers are facing multiple issues in reconciliation.
GST Council in the 34th meeting held on 19th March, 2019 at New Delhi discussed the operational details for implementation of the recommendations made by the council in its 33rd meeting for lower effective GST rate of 1% in case of affordable houses and 5% on construction of houses other than affordable house.
The 33rd GST Council Meeting was held on 24th February 2019 under the Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley in New Delhi.
The GST Council in its 32nd Meeting held today under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley in New Delhi gave approval