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Pro and Cons of Recommendations made during 31 Meeting of the GST Council on 22 Dec, 2018
Complete Analysis has been made of Recommendation in laymen Language and Presented in 3 Part-
| Proposed Change | Present Scenario | Impact |
| There would be a single cash ledger for each tax head. | Currently there are multiple heads like Tax, Interest,Fees,Penalty,Other. | • It will create less confusion among taxpayers. • Identification of Correct head is a major Problem for some Small Taxpayers. Example-: Late fees for late returns is sometimes shown in Penalty head leads to creation of Wrong challan and blocking of Working Capital. |
| A scheme of single authority for disbursement of the refund amount sanctioned by either the Centre or the State tax authorities. | Currently Refund is given by both the Authority. CGST part is refunded by CG and SGST part by State Govt. | • It will ease the Process of Refund, As for refund same process have to be followed before both the Authorities. • Single Window for Refund will remove the Cascading Process. |
| The new return filing system shall be introduced on a trial basis from 01.04.2019 and on mandatory basis from 01.07.2019. | Currently 2 returns are filled GSTR1 & GSTR 3B. | • Govt is in talk to Introduce Single Return for a Period in place of Several returns creating a unnecessary burden on Professionals & Wastage of Productive Hours. |
| ITC cannot be availed through FORM GSTR-9 &FORM GSTR-9C. | There was confusion that if ITC not taken up to specified date can it be claimed in Annual Return? | Govt has made Clarified that No ITC can be claimed in Annual Return. |
| ITC in relation to invoices issued by the supplier during FY 2017-18 may be availed by the recipient till the due date for furnishing of FORM GSTR-3B for the month of March, 2019. | Currently last date to claim ITC pertaining to FY 17-18 was due date of Furnishing of GSTR3B for the month of SEP 2018 i.e. 20 OCT, 2018. | Council has extended due date to Claim ITC till furnishing of FORM GSTR-3B for the month of March, 2019. Subject to specified conditions.(Let’s See what condition are to be complied for claiming ITC) |
| The due date for furnishing FORM GSTR-8 by e-commerce operators for the months of October, November and December, 2018 shall be extended till 31.01.2019 | • GSTR 8 is to be filled by E-Commerce Operator till 10th of Next month. • Sec 52 talks about TCS provision which has been made Effect from 01 OCT 2018. |
• Due date has been extended as GSTN has not provided the portal to file GSTR 8. |
| Late fee shall be completely waived for all taxpayers in case FORM GSTR-1, FORM GSTR-3B & FORM GSTR-4 for the months / quarters July, 2017 to September, 2018, are furnished after 22.12.2018 but on or before 31.03.2019. | • Late fees of Rs 50 or Rs 20 Per /Day is charged for late filling of GSTR 3B. • Previously Late fees is not charged on GSTR 1 but as per notification issued by CBEC returns after OCT will be liable to late Fees but Portal is not showing late fees for GSTR 1. |
• Here Govt has played a game with Taxpayers. • Late fees for only those taxpayers will be waived who will file after 22-12-2018. • What about the taxpayers who have already filled their returns with late fees. • Less than .1% taxpayers will be covered under this as mostly taxpayers have filled their return with late fees. |
| Taxpayers who have not filed the returns for two consecutive tax periods shall be Restricted from generating e-way bills. | Currently there no Trail between Filling of return and Generation of E way bill. | • CBEC is going to create a functionality which will barred the taxpayers from generation of E-waybill if they have not filled their return for 2 Consecutive period. |
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