GST Major Amendments in 39th Council Meeting

39th Meeting of the GST Council Outcome on 14th Mar 2020. The following point are considered in this meeting which are as under:

1. The due date of filling of GSTR-9 and GSTR-9C for the FY 2018-19 has been extended to 30th June 2020 from 31st March 2020.

2. The filling of GSTR-9 & GSTR-9C is mandatory for the FY 2018-19 for the taxpayer whose aggregate turnover is 5Cr. or more. (Earlier this aggregate turnover limit is 2Cr.).

3. Late fees not to be levied for delayed filing of the GSTR-9 & GSTR-9C for FY 2017-18 and 2018-19 for taxpayers with aggregate turnover less than Rs. 2 crores.

4. Interest for delay in payment of GST to be charged on the net cash tax liability w.e.f. 01.07.2017 (Law to be amended retrospectively).

5. 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).

6. GST Council approves “Know your Supplier” Scheme inwhich a registered person can know the basic information about the supplier.

7. The GST Council will continue with GSTR-1 and GSTR-3B till September 2020 and defer the new GST return system till such time.

8. The dates for implementation of e-invoicing and QR Code to be extended to 01.10.2020.

9. 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;

10. Mobile phone to be taxed at the rate 18 % (Current rate 12%).

We have covered the major points as discussed in the council meeting. To read the complete amendments in this council meeting please click the link below:-

Press Release