Connect us on:
Apr04
2020
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:
|
|||
|
Application for Revocation of Cancellation of Registration:
|
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.
Read more GST Blogs here.
