35th GST Council Meeting- Key Take aways & Due date extensions

35^th Meeting of GST Council- Summer Vacation of All business Man and Professional 

A hot season was going on in last June and there are various places in India where hot season give a break to various person’s life though various mode. Even on 21^st June google doodle also celebrates Summer Season on this day. The day of today is very hot including a small drop of rain in some part of India.

The Tax regulator give also a break in GST System through various mode like extending the time for filing of Various form/ return, extension in time for filing of New Form of Return and GST rate cut on some products.

1. The following date which was expired or going to expire with this summer season is extended again for relax of mind of business man and professional.

• The date of filing of Form GST CMP-02 for availing Composition Levy under Notification No-02/2019 is extended to 31^st July 2019.
• From 21^st June, Rule 138E of CGST Rules is applicable and those persons who have not filed 2 consecutive return is debarred to generate E-way bill. This date is also extended to 21^st August 2019.
• Form GST ITC-04 in relation to Job Work for the period from July 17 to June 19 is also extended to 31^st August, 2019.
• The date of filing of Form GSTR-9, 9A, 9C (Annual Return & Reconciliation statement) is also extended to 31^st august 2019

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2. The New Procedure for filing of GST return is also introduced in this meeting. Following is the new form and the way of introduction in the industry.

• Between July, 2019 to September, 2019, the new return system (FORM GST ANX-1&FORM GST ANX-2 only) to be available for trial for taxpayers. Taxpayers to continue to file FORM GSTR-1&FORM GSTR-3B as at present;

• From October, 2019 onwards, FORM GST ANX-1 to be made compulsory. Large taxpayers (having aggregate turnover of more than Rs. 5 crores in previous year) to file FORM GST ANX-1 on monthly basis whereas small taxpayers to file first FORM GST ANX-1 for the quarter October, 2019 to December, 2019 in January, 2020;

• For October and November, 2019, large taxpayers to continue to file FORM GSTR-3B on monthly basis and will file first FORM GST RET-01 for December, 2019 in January, 2020. It may be noted that invoices etc. can be uploaded in FORM GST ANX-1 on a continuous basis both by large and small taxpayers from October, 2019 onwards. FORM GST ANX-2 may be viewed simultaneously during this period but no action shall be allowed on such FORM GST ANX-2;

• From October, 2019, small taxpayers to stop filing FORM GSTR-3B and to start filing FORM GST PMT-08. They will file their first FORM GST-RET-01 for the quarter October, 2019 to December, 2019 in January, 2020;

• From January, 2020 onwards, FORM GSTR-3B to be completely phased out

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 3. GST Tax rate and Valuation of goods and services is required to change in this meeting for following product but it is deferred to next council meeting of GST.

• Electric Vehicle-Rate change
• Lottery- Rate Change
• Solar Power Generating System and wind System. – Valuation of Supply

The above council meeting is being held with the intention to keep in mind to make holiday in last summer season.