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
1. Due Dates of furnishing Form GSTR-3B and Form GSTR-1 for the period October, 2019 to March, 2020
|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|
|October, 2019 to December, 2019||January 31, 2020|
|January, 2020 to March, 2020||April 30, 2020|
|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):