Highlights of the 39th GST Council Meeting explains decisions related to Interest on delayed payments, Deferment of the new GST return system and e-invoicing, Changes in the GST rates, Deadline of GSTR-9 and 9C, Know your supplier, Waiver and Extension of due dates and Amendment to revocation of cancellation of GST.
Now, the interest for delayed GST payment will be calculated on the net tax liability. This amendment will apply retrospectively from 1st July 2017.
The implementation of the new GST return system has been postponed to 1st October 2020. Also, the implementation of e-invoicing and the QR code has been deferred to 1st October 2020.
The present return system will be continued until September 2020.
The GSTR-9 & 9C deadline is extended to 30 June 2020 for FY 2018-19. Also, the turnover limit will be increased from Rs 2 crore to Rs 5 crore for mandatory annual return filing. Hence, filing GSTR-9C is optional for the taxpayers having the turnover less than Rs 5 crore.
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.
A new scheme called ‘Know your Supplier’ has been introduced so that the taxpayers are informed about the basic details of the suppliers with whom they transact or propose to conduct business.
The GSTR-1 for 2019-20 will be waived for certain taxpayers who could not opt for the special composition scheme (notification No. 2/2019-Central Tax (Rate) dated 7th March 2019) by filing Form CMP-02.
The due date of Form GSTR-3B for July 2019 to January 2020 is extended till 24th March 2020 for taxpayers with a principal place of business in the Union Territory of Ladakh. Also, a similar extension is recommended for Form GSTR-1 and Form GSTR-7.
Taxpayers who have cancelled their GST registration till 14th March 2020 can file an application for revocation of cancellation of registration. The window to fill this application is available till 30th June 2020. The extension is a one-time measurement to facilitate those who want to continue conducting the business.
Copy of Press Release Notes issued by the Ministry of Finance can be viewed by clicking at the links provided below:
|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|