39th GST Council Meeting - Highlights and Latest News
Category: Updates and Press Releases, Posted on: 07/07/2020 , Posted By: Webtel

39th GST Council Meeting - Highlights and Latest News

The 39th GST Council meeting was conducted on Saturday, 14th March 2020 in New Delhi. The Union FM Nirmala Sitharaman chaired this meeting. The GST Council took various important decisions on crucial issues under GST.

Highlights of the 39th GST Council Meeting:

  1. Postponement of the new GST return framework and e-Invoicing
  2. Particulars

    Up to Sep 2020

    From Oct 2020

    Returns

    GSTR-1 & 3B

    New Returns

    Invoice for turnover above Rs 100 cr.

    Physical invoices/Digitally signed invoices

    E-invoice


  1. Changes in the GST rates
  2. Particulars

    Basis of Calculation

    WEF

    Mobile phones and specified parts

    12%

    18%

    Matches

    Handmade: 5%
    Others: 18%

    12%

    MRO (Maintenance, Repair, and Overhaul) service in reference to aircraft

    18%

    5% with full Input Tax Credit


  1. Interest on delayed payments
  2. Particulars

    Up to Sep 2020

    From Oct 2020

    Mobile phones and specified parts

    Net Tax Liability i.e. after reducing ITC from Gross Tax liability

    Wef 1 st July, 2017 (start of GST regime).


  1. Extension of due dates for filing GSTR-9 and 9C of 2018-19
  2. The taxpayers with an aggregate annual turnover of up to Rs 2 crore in FY 2017-18 and FY 2018-19 won’t pay any late fees for the delayed filing of GSTR-9.

    Particulars

    Filing Mandatory for Turnover above

    Due Date

    Extended Due Date

    GSTR-9

    Rs. 2 Crore

    31-3-20

    30-6-20

    GSTR-9C

    Rs. 5 Crore

    31-3-20

    30-6-20


  1. Know your supplier
  2. A new facility called ‘Know your Supplier’ has been introduced so that the taxpayers can know the essential details of the suppliers with whom they transact or propose to conduct business.

  1. Waiver and extension of due dates
  2. Return

    Period

    Relief

    GSTR-1

    2019-20

    Waived

    For taxpayers who couldn’t choose the special Composition scheme (notification No. 2/2019-Central Tax (Rate) dated 7th March 2019) by filing Form CMP-02.

    GSTR-1, 3B & 7

    Jul 2019 to Jan 2020

    Date extended to 24 Mar 2020

    For the taxpayers, whose principal place of business is within the Union Territory of Ladakh.


  1. Revocation of cancellation of registration
  2. If GST registration has been canceled till the 14th of March, 2020, then the taxpayer can file the application for revocation of such cancellation till the 30th of June, 2020 if he wants to continue his business. This is a one-time relief provided.

  1. Other decisions
    1. To curb fake invoicing and fraudulent passing of ITC, restrictions to be imposed on the passing of the ITC in case of new GST registrations, before physical verification of premises and Financial KYC of the registered person.
    2. Seeking Information Returns from Banks.
    3. Bunching of Refund claims allowed across years to help exporters.
    4. A transition plan is laid down till 31st May 2020 for the taxpayers belonging to Dadra and Nagar Haveli & Daman and Diu due to their merger in January 2020.
    5. The deadline for the finalization of the e-Wallet scheme for consumers is extended till 31st March 2021.
    6. A special process is prescribed during the CIRP period for the GST enlisted corporates who are experiencing bankruptcy/resolution procedures under IBC Code, 2016.
    7. Present IGST and cess exemptions on the imports made under the AA/EPCG/EOU plans exempted up to 31st March 2021.
    8. Infosys Chairman, Mr. Nandan Nilekani to present progress updates about the GST IT systems at subsequent three GST Council meetings.

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