In the latest one - 35th GST Council meeting held in Delhi on June 21 - several key decisions, including the extension of the date for filing annual GST returns by two months to August 30 and introduction of a new single-form GST return filing system from January 1, 2020, were taken.

The ministry said that many taxpayers have raised concern that annual return form GSTR-9 does not allow a taxpayer to report details of IGST paid on imports made in 2017-18 but credit for the same was availed in 2018-19.

Electronic invoice, or e-invoice, has been envisaged by the revenue department to mainly curb goods and services tax evasion.

It can be noted that ahead of the general elections, a slew of states and also the Centre had doled out sops to the marginalised sections, including the farmers and the poor

Under the composition scheme, traders and manufacturers pay 1 per cent GST on their turnover, while restaurants and service providers pay 5 per cent and 6 per cent taxes respectively

To start with, businesses above a specified threshold will just get a unique number for every electronic invoice or e-invoice generated. This number can be matched with the invoices reported in the sales return and taxes paid

There are 1.21 crore businesses registered under Goods and Services Tax (GST), of which 20 lakh are under composition scheme

Prabhu said input costs should be competitive for any sector and the ministry has been of the strong view that the fuel should be brought under the GST regime.

Businesses which apply for new registration may avail the said benefit in Form GST REG-01 at the time of filing application for registration

\"I foresee a better quality of life in urban slums, rural India and the policies must be aimed at allowing these people to aspire and get into at least neo middle class,\" says Jaitley.

Speaking at the Aaj Tak National Security Summit, Jaitley said government has increased the tax base during the last five years and money raised from taxes will be used for defence.