9 Key Highlights of 39th GST Council Meeting

Key Highlights of 39th GST Council Meeting – 14th March, 2020

1. Current return filing system: GSTR-1, GSTR-3B continue till 30th September, 2020. New return filing deferred till 30th Sept, 2020.

2. E-invoicing: E-invoicing Extended till 01st October, 2020. Exempted certain classes of persons from generating E-invoicing.

3. Interest on net cash liability: Interest for delayed GST payment to be calculated on net tax liability from 1st July 2017 (Retrospectively).

4. Important change on GSTR-1 filing: Staggered GSTR-1 filing to be introduced.

5. GST Annual Returns and Audit: The due date for GST Annual Return and Audit extended till 30th June , 2020. Also, turnover threshold increased from 2 Cr to 5 Cr for audit purposes.

6. Increase in GST rates:

– Mobile phones – 18%,

– Matches – 12%,

– MRO – 5%

7. Revocation of Registration: Application for revocation can be made before 30th June, 2020 in respect of registration cancelled as on 14th March, 2020.

8. Late Fee waiver: Late fees for delayed in filing of GST annual returns and audit waived for small taxpayers having turnover less than 2 Cr

9. Deferment scheme for Imports: E-wallet scheme and exemption of IGST and Cess in respect of imports under AA/EPCG/EOU extended till 31st March, 2021.

Copy of Press Release Notes issued by the Ministry of Finance can be viewed by clicking at the links provided below: