Various recommendations have been made by the GST Council in its meeting held on 14.03.2020 which is likely to be notified soon. Relevant points are as follows:
1. Interest for delay in payment of GST to be charged on net cash tax liability w.e.f. 01.07.2017 instead of gross tax liability (Law to be amended retrospectively).
2. Where registrations have been cancelled till 14.03.2020,application for revocation of cancellation of registration can be filled up to 30.06.2020 (extension of period of application as one-time measure to facilitate those who want to conduct business)
3. Due date for filing the Annual return and the Reconciliation Statement for Financial Year 2018-19 to be extended to 30.06.2020
4. Relaxation to MSMEs from furnishing of Reconciliation Statement in FORM GSTR-9C, for the financial year 2018-19, for taxpayers having aggregate turnover below Rs. 5 crores.
5. Late fees not to be levied for delayed filing of the Annual return and the Reconciliation Statement for Financial Years 2017-18 and 2018-19 for taxpayers with aggregate turnover less than Rs. 2 crores.
6. Deferment of New Return and E-invoicing
6.1 The proposed implementation of new return filing and E-invoicing has been extended till 1st of October, 2020. Meanwhile, existing mechanism of filing return i.e. GSTR-3B and GSTR-1 shall continue till September, 2020.
6.2 Further, certain class of registered persons (insurance company, banking company, financial institution, non-banking financial institution, GTA, passenger transportation service etc.) to be exempted from issuing e-invoices or capturing dynamic QR code.
7. Extension of the time to finalize e-Wallet scheme up to 31.03.2021
8. A special procedure is being prescribed for registered persons who are corporate debtors under the provisions of the Insolvency and Bankruptcy Code, 2016 and are undergoing the corporate insolvency resolution process, so as to enable them to comply with the provisions of GST Laws during the CIRP period.
9. Changes in relation to tax rates (propose to be implemented from 01.04.2020)
10. Prevention of fake invoicing
11. Other relevant points :
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|