A much-awaited relief has finally arrived in terms of relaxation and deferring many compliances, whether it is about E-Invoicing or GST Audit for the financial Year 2018 – 2019 in the 39th GST Council meeting which took place on 14/03/2020.
The rationale behind this is very clear logical as we have just finished the Audit for 2017 – 2018 in the last month of February only and when we talk about E-Invoicing websites are not working and there are very few who has able to register on the same.
The Important highlights of meetings are as under:-
1. The interest will be charged on delay payment will only for the net tax liability. ( This will be major relief on delay payments).
2. Where registrations have been canceled till 14.03.2020, application for revocation of cancellation of registration can be filled up to 30.06.2020
3. Relaxation to MSMEs from the furnishing of Reconciliation Statement in FORM GSTR-9C, for the financial year 2018-19, for taxpayers having aggregate turnover below Rs. 5 crores
4. The due date for filing the Annual return and the Reconciliation Statement for the financial year 2018-19 to be extended to 30.06.2020
5. The dates for implementation of e-invoicing and QR Code to be extended to 01.10.2020.
6. Continuation of the existing system of furnishing FORM GSTR-1 & FORM GSTR-3B till September 2020
There are the general guidelines which are almost applicable to common business, there are measures also which are done in this meeting, kindly refer the source for the detailed press release and you can also refer the Minutes of the meetings which get updated on http://gstcouncil.gov.in/meetings
However, till yet the agenda and minutes of the meetings are not yet updated.
for any clarifications, you can reach me at [email protected]
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