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:

Title Notification No. Date
Recommendations of 39th GST Council Meeting on IT Roadmap Press Release ID: 1606433 14/03/2020
Changes in GST rates on goods & services in 39th GST Council Meeting Press Release ID: 1606432 14/03/2020
39th GST Council recommendations on Law & Procedures Press Release ID: 1606430 14/03/2020

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I am a chartered accountant by profession, having good research and interpretation skills in taxation laws like Goods and Service Tax (GST) law, International taxation, Income tax Act, Customs Act and Foreign Trade Policy (FTP) etc. I am passionate to learn new concepts and share my little understa View Full Profile

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