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2020

Important Announcements in the 39th GST Council Meeting

Important Announcements in the 39th GST Council Meeting

The 39th GST Council meeting was held on 14th March 2020 Saturday at New Delhi. The meeting made some important recommendations related to extension in due dates and change in GST rates etc. Given below are the important announcements made in the 39th GST Council Meeting.

Extension in Due Dates: 

Particulars Current Due Date Extended Due Date
Due date of Filing GSTR-9 & 9C for F.Y. 2018-19 31st Mar 2020 30th Jun 2020
Implementation of New GST Returns 1st Apr 2020 30th Sept 2020
E-invoicing and QR Code Implementation:
Applicable to following tax payers:

1st Apr 2020

1st Oct 2020
Transaction Turnover
B2B More than Rs. 100 crores
B2C

More than Rs. 500 crores

Note:

Further, exemption has been provided to following class of registered person:

  • Insurance company,
  • Banking company,
  • Financial institution & non-banking financial institution,
  • GTA,
  • Passenger transportation service.

Application for Revocation of Cancellation of Registration:

  • Where registrations have been cancelled till 14.03.2020 Application for revocation of cancellation of registration can be filled up to:

30th Jun 2020 

Exemption on IGST and Cess on Imports made under the Advance authorization/ EPCG/EOU schemes extended up to:

31st Mar 2021 

Interest on delayed payment of GST to be calculated on Net Liability to be calculated retrospectively w.e.f.

1st July 2017

Changes in GST Rates:

 Goods/Service  Earlier Rate New Rate 
Mobile Phone and related parts   12% 18% 
Handmade Matches  5% 12% 
Other than handmade matches   18% 12% 
Maintenance, Repair and Overhaul (MRO) services in respect of aircraft 18% 5%

Note: The place of supply for B2B MRO services has been changed to the location of recipient.

Other Important Announcements:

Relaxation to MSMEs from furnishing of GSTR-9C for F.Y. 2018-19, for taxpayers having aggregate turnover below Rs. 5 crores.
Waiver of late fees for delayed filing of GSTR-9 & 9C for F.Y 2017-18 and 2018-19 for taxpayers with aggregate turnover less than Rs. 2 crores.
To curb fake invoicing and fraudulent passing of ITC, restrictions are proposed to be imposed on passing of the ITC in case of new GST registrations, before physical verification of premises and Financial KYC of the registered person.
A new facility called ‘Know Your Supplier’ is proposed to be introduced so as to enable every registered person to have some basic information about the suppliers with whom they conduct or propose to conduct business.
To address frequent system crash on GST portal, IT system capacity will be enhanced to handle 3 lakh tax payers from present 1.5 lakh taxpayers.

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