New GST returns postponed

New GST Returns has been postponed to 01st October, 2020. Hence tax payers can continue with the old forms till the time new forms are launched.

Interest on net GST liability

Biggest amendment in GST that 18% interest rate on late payment of GST is now applicable on the next GST Liability and not gross

Extension of GST audit and annual return dates

  • Taxpayers having turnover of up to Rs. 5 crore have to file only Form 9 i.e Annual Return
  • Taxpayers having turnover of 5 crore and more have to file GST Audit Report i.e Form 9 as well form 9C.
  • The taxpayers with an aggregate annual turnover of less than Rs 2 crore in FY 2017-18 and FY 2018-19 will not pay any late fee for delayed filing of GSTR-9.

GST

One-time measurement for revocation:

Tax payers who have cancelled their GST Registration but now want to continue running their business can apply for revocation of their GST No i.e getting back the GST No. The window to fill this application is available only till 30th June, 2020

Know your supplier

A new facility called Know your supplier will be introduced soon to allow the tax payers to have a knowledge and basic details of the parties with whom they are dealing to facilitate smooth business.

The GST Council may remove the blocking of Input tax credit for taxpayers who opt for lower rate of 5% as output GST.

Change in GST tax rates (Effective from April 2020)

Particulars New Rate Old rate
Mobile phones 18% 12%
All types of Matches 12 Initially few were at 5% and few @ 18%
Maintenance and repair of aircraft 5% 18%

Author Bio

Qualification: CA in Practice
Company: Makwana Sweta & Associates
Location: Mumbai, Maharashtra, IN
Member Since: 20 Aug 2017 | Total Posts: 62
A qualified Chartered Accountant with over 4 years of rich experience in Company Law, Audits, Accounts & taxation. She is a writer at her own blog https://insights.caswetamakwana.com/. She is keen in streamlining business accounts of the Company and provide Startup consultancy. View Full Profile

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