Annual returns to interest payment, here are some major GST Council decisions dated 14/03/2020

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Major and important recommendations by 39th GST Council Meeting dated 14th March 2020

  • Interest for delay in payment of GST to be charged on the net cash tax liability w.e.f. 01.07.2017. I.e. Interest is to be paid only on cash payment of GST in case of late payment.
  • Where registrations have been cancelled till 14.03.2020, application for revocation of cancellation of registration can be filled up to 30.06.2020
  • Taxpayers having turnover less than 5Cr not required to file GSTR 9C for FY 2018-19
  • Due date for filing the Annual return and the Reconciliation Statement for financial year 2018-19 to be extended to 30.06.2020
  • No late fees for late filling of GST Annual return for FY 2018-19 and FY 2017-18 for taxpayers having turnover less than 2Cr. [This returns were optional for such taxpayers]
  • Present returns in GSTR-1 & FORM GSTR-3B to continue till September, 2020. New Returns likely from 1st October 2020 [Earlier proposed date was 01/04/2020].
  • E-invoicing and QR code applicability deferred to 1st October 2020 [Earlier proposed date was 01/04/2020] .
  • A new facility called ‘Know Your Supplier’ 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.I.e. whether supplier is compliant or not w.r.t. return fillings.
  • To curb fake invoicing and fraudulent passing of ITC, restrictions 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.
  • Raise GST rate on Mobile Phones and specified parts to 18%.[presently attracting 12%]
#GST #GST Annual Return #GSTCouncil #GST #GoodsandServiceTax

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