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
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|
|All types of Matches||12||Initially few were at 5% and few @ 18%|
|Maintenance and repair of aircraft||5%||18%|