Quick Summary
The GST Council has recommended a fresh set of changes to the GST framework aimed at simplifying compliance, providing procedural safeguards to taxpayers and reducing interpretational disputes. The recommendations cover the GST treatment of intellectual property rights (IPR), blocking of Input Tax Credit (ITC), late fee relief for small taxpayers, e-invoicing, annual return payment options and the functioning of the GST Appellate Tribunal. The proposed measures also include clarifications on IT
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FAQ :
The main goal is to simplify GST compliance, provide procedural safeguards to taxpayers, and reduce interpretational disputes.
The transfer of title in IPRs, whether temporary or permanent, will be uniformly treated as a supply of services to ease GST compliances and facilitate cross-border transactions.
Small taxpayers with an annual turnover up to £5 crore can have their late fees waived for delayed return filings if the return is submitted by the end of the month it was due.
Yes, an amendment will provide a mechanism for taxpayers to file an objection against the blocking of any amount in their electronic credit ledger and to request a personal hearing.
E-invoicing will be extended to domestic supplies received from unregistered persons where tax is payable under reverse charge, and to the import of services, for taxpayers with an annual turnover of £5 crore and above.
An optional Annual Return Quarterly Payment (ARQP) scheme is being considered for taxpayers with a turnover up to £5 crore, exclusively supplying to unregistered persons (B2C).
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