RECENT UPDATES IN GST NOTIFICATION
MOF has planned to commence next year’s budget exercise from 14th October, 2019, with meetings with various stakeholders keeping in mind the ongoing economic slowdown and not so good revenue collections and revised budget estimates. The estimates for 2020-21 will be provisionally finalized.
Central Government has set up a Committee to recommend changes in law and procedures needed to augment goods and Service Tax revenue. This also indicates that Government is open to revisit and overhaul the indirect tax system led by GST. It has been asked to submit its first report within 15 days to GST Council. The suggestions shall be to carry out systemic changes in GST including check and balances to prevent misuse, measures to improve voluntary compliances, policy measures and relevant changes needed in the law, measures for expanding tax base, better compliance monitoring, anti-evasion measures using better data analytics and better administrative coordination. It has also been decided that a Committee of Officers from centre and states is required to suggest steps to be taken to improve revenue collection.
CBIC has issued Notification Nos. 44 to 49-Central Tax, all dated 09.10.2019 prescribing inter alia, due dates for furnishing forms GSTR-3B and GSTR-1, making filing of Form GSTR-9 optional for financial year 2017-18 and 2018-19 for assessees having aggregate turnover upto Rs. 2 crore in a financial year and waiver of late fees for assessees in J & K state for late filing of Forms GSTR-1, GSTR-3B and GSTR-7 for the months of July and August, 2019. Certain rules have also been amended in relation to ITC, extension of date for filing Form TRAN-1 and TRAN-2 upto 31.12.2019 and 31.01.2020 etc respectively.
Gist of GST Notifications issued on October 9, 2019
CBIC has issued six Notifications Nos. 44 to 49, all dated October 9, 2019, gist of which is as follows :
1. Due Dates of furnishing Form GSTR-3B and Form GSTR-1 for the period October, 2019 to March, 2020
- Due dates specified for furnishing monthly returns in Form GSTR-3B for each of the months from October, 2019 to March, 2020 (Notification No. 44/2019-Central Tax):
| Month | Due Date |
| October, 2019 | November 20, 2019 |
| November, 2019 | December 20, 2019 |
| December, 2019 | January 20, 2020 |
| January, 2020 | February 20, 2020 |
| February, 2020 | March 20, 2020 |
| March, 2020 | April 20, 2020 |
- Due dates specified for furnishing the details of outward supplies in Form GSTR-1 for registered persons having aggregate turnover of up to Rs. 1.5 crore in the preceding or current financial year, for the last two quarters of the F.Y. 2019-20 (Notification No. 45/2019-Central Tax)
| Quarters | Due Date |
| October, 2019 to December, 2019 | January 31, 2020 |
| January, 2020 to March, 2020 | April 30, 2020 |
- Due dates specified for furnishing the details of outward supplies in Form GSTR-1 for registered persons having aggregate turnover of more than Rs. 1.5 crore in the preceding or current financial year, for each of the months from October, 2019 to March, 2020 (Notification No. 46/2019-Central Tax)
| Month | Due Date |
| October, 2019 | November 11, 2019 |
| November, 2019 | December 11, 2019 |
| December, 2019 | January 11, 2020 |
| January, 2020 | February 11, 2020 |
| February, 2020 | March 11, 2020 |
| March, 2020 | April 11, 2020 |
2. Filing of annual return in Form GSTR-9 on or before the prescribed due date for F.Y. 2017-18 and F.Y. 2018-19 has been notified as optional for registered persons with aggregate turnover in F.Y does not exceed Rs. 2 crore (Notification No. 47/2019-Central Tax).
3. Late fees waived off for the registered persons having principal place of business is in the State of Jammu & Kashmir when Form GSTR-1, Form GSTR-7 and Form GSTR-3B have been furnished for the months of July, 2019 and August, 2019 on or before the following dates (Notification No. 48/2019-Central Tax):
| Type of Return | July, 2019 | August, 2019 |
| GSTR-1(Turnover more than Rs. 1.5 crores) | October 11, 2019 | October 11, 2019 |
| GSTR-7 | October 10, 2019 | October 10, 2019 |
| GSTR-3B | October 20, 2019 | October 20, 2019 |
4. CBIC has amended Central Goods and Services Tax (Sixth Amendment) Rules, 2019, which inter alia, include the following amendments. (Notification No. 49/2019-Central Tax):
- Total unmatched credit cannot exceed 20% of ITC available in GSTR 2A
- Form GST DRC-01A has been prescribed for intimation of tax ascertained by Proper Officer as payable in fraud and non-fraud cases
- Due date of furnishing FORM GST TRAN-1 and FORM GST TRAN-2 has been extended to December 31, 2019 and January 31, 2020 respectively in respect of registered persons who could not submit the said declaration by the due date on account of technical difficulties on the common portal and in respect of whom the Council has made a recommendation for such extension.
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