Article summarises Decisions Taken In 39th Meeting of GST Council on 14th March 2020.

ANNUAL RETURN

  • Relaxation of MSMEs from furnishing of Reconciliation Statement in FORM GSTR 9C for the F.Y. 2018-2019, for  taxpayers having aggregate turnover > Rs.5 crores.
  • Due date for filling Annual Return and the Reconciliation Statement for the F.Y. 2018-2019 to be extended to 30.06.2020.
  • Late fees not to be levied for delayed filing of the Annual Return and Reconciliation Statement forn F.Y. 2017-18 and 2018-19.

ISSUANCE OF CIRCULARS

  • Clarification in apportionment of ITC in cases of business reorganization under Sec. 18 (3) of CGST Act to be read with rule 41(1) of CGST Rules
  • Appeals during non- constitution of the Appellate Tribunal
  • Clarification of refund related issues
  • Clarification on special procedure for registered persons who are corporate debtor under the Insolvency and Bankruptcy Code, 2016 undergoing the corporate insolvency resolution process.

AMENDMENTS OF GST RULES

  • Procedure for reversal of input Tax Credit in respect of capital goods partly used for taxable supplies and partly for exempted supplies
  • Ceiling to be fixed for value of export supply for calculation of refund Zero rated supplies
  • To allow refund to be sanctioned in both cash and credit in case of excess payment of tax
  • To provide for recovery of refund on export of goods where export proceeds are not realized within the time limit prescribed under FEMA
  • To operationalize Aadhar authentication for new Taxpayers

DEFERRING THE IMPLEMENTATION OF CERTAIN SCHEMES

  • The date for implementation of e- invoicing and QR Code to be extended to 01-10-2020
  • Extension of time to finalize e-Wallet scheme up to 31-03-2021
  • Extension of present exemptions from IGST and Cess on the imports made under the AA/EPCG/EOU schemes up to 31-03-2021

OTHERS

  • Interest for delay in payment of GST to be charged on the net cash tax liability (retrospective w.e.f 01-07-2017)
  • Where registrations are cancelled till 14-03-2020,application for revocation of cancellation of registration can be filled up to 30-06-2020
  • A new facility called “Know Your Supplier” to be introduced so as to enable every registered person to have basic information about his/her supplier.
  • Special procedure for registered person in Dadra and Nagar Haveli & Daman and Diu
  • Special procedures for corporate debtor under the provision of Insolvency and Bankruptcy Code, 2016
  • Extension of due date for FORM GSTR 3B for the month of July 2019 to January 2020 (for registered person in Ladakh) till 24-03-2020 similar extension recommended for FORM GSTR 1 & FORM GSTR 7
  • Seeking information from banks
  • To curb fake invoicing and fraudulent passing of ITC, restrictions to be imposed on passing of the ITC in case of new GST registrations, before physical verification of premises and Financial KYC of the registered person.

Copy of Press Release Notes issued by the Ministry of Finance can be viewed by clicking at the links provided below:

Title Notification No. Date
Recommendations of 39th GST Council Meeting on IT Roadmap Press Release ID: 1606433 14/03/2020
Changes in GST rates on goods & services in 39th GST Council Meeting Press Release ID: 1606432 14/03/2020
39th GST Council recommendations on Law & Procedures Press Release ID: 1606430 14/03/2020

About the Author

Pardeep BhattAuthor is Pardeep Bhatt, working as Article Assistant with Neeraj Bhagat & Co., Chartered Accountants, a Chartered Accountancy firm helping foreign companies in setting up business in India and complying with various tax laws applicable to foreign companies while establishing their business in India.

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Neeraj Bhagat & Co. is helping foreign companies in opening up of Liaison/ Branch Office in India and complying with various tax laws applicable to foreign companies while establishing a business in India. Neeraj Bhagat is the founder of Neeraj Bhagat & Co. Chartered Accountants, a Chartered View Full Profile

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