Updates from 39th GST Council Meeting held on 14th March, 2020
Recommendations made in 39th Meeting of the GST Council held on 14th March, 2020 are as follows:
- E-Invoicing and QR code applicability deferred to 1st October, 2020.
Present returns in GSTR-1 & Form GSTR-3B to continue till September, 2020. New returns are likely to be implemented from 1st October, 2020. - Filing of GSTR-9C has been waived off for the financial year 2018-19 for the businesses having a turnover less than 5 crores.
- Due date for filing of GSTR-9 (Annual Return) and GSTR-9C Reconciliation Statement for financial year 2018-19 will be extended to June 30, 2020.
- For taxpayers having aggregate turnover less than 2 Crore in the Financial year 2017-18 & 2018-19, no late fees will be charged for delayed filing of GSTR-9.
- New facility ” Know your customer” to be introduced to enable registered persons to have some basic information about the suppliers with whom they conduct or propose to conduct business.
- Interest for delay in payment of GST to be calculated on net cash tax liability, it will be effective from 1st July, 2017 (retrospective changes to be made in law).
- GSTR-1 for financial year 2019-20 will be waived for certain taxpayers who could not opt for the special composition scheme by filing FORM CMP-02.
Nandan Nilekani to be present at the next 3 council meetings and make a presentation on the progress made. - More time for finalizing the e-wallet scheme up to 31.03.2021.
Recommendations of the GST council will be given effect through relevant circulars/notifications or amendments in GST laws which alone shall have the force of law.
