Key Highlights from the 39th GST Council Meeting
• E-invoicing a
nd QR code applicability deferred to 1st October 2020.
• Present returns in GSTR-1 & FORM GSTR-3B to continue till September, 2020. New Returns likely from 1st October 2020.
• New Simplified GST Returns - Nandan Nilekani suggests a roadmap extending to over a year till January, 2021. However, Council suggested milestones be met by July, 2020. Some changes expected in the new returns process.
• For businesses with turnover less than 5 crores aggregate turnover filing of GSTR-9C for FY 2018-19 to be waived off
• Due date for filing GSTR-9 annual return and GSTR-9C reconciliation statement for FY 2018-19 will be extended to June 30, 2020
• For those with less than Rs 2 crore aggregate turnover in FY 2017-18 and FY 2018-19, no late fee to be charged for delayed filing of GSTR-9.
• New ‘know your supplier’ to be introduced so that every business can get detailed information on every supplier.
• Interest for delay in payment of GST to be calculated on net GST liability, effective 1st July 2017. (retrospective change to be made in GST law).
• GSTR-1 for 2019-20 to 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 finalising the e-Wallet scheme up to 31.03.2021
• E-invoicing a
• Present returns in GSTR-1 & FORM GSTR-3B to continue till September, 2020. New Returns likely from 1st October 2020.
• New Simplified GST Returns - Nandan Nilekani suggests a roadmap extending to over a year till January, 2021. However, Council suggested milestones be met by July, 2020. Some changes expected in the new returns process.
• For businesses with turnover less than 5 crores aggregate turnover filing of GSTR-9C for FY 2018-19 to be waived off
• Due date for filing GSTR-9 annual return and GSTR-9C reconciliation statement for FY 2018-19 will be extended to June 30, 2020
• For those with less than Rs 2 crore aggregate turnover in FY 2017-18 and FY 2018-19, no late fee to be charged for delayed filing of GSTR-9.
• New ‘know your supplier’ to be introduced so that every business can get detailed information on every supplier.
• Interest for delay in payment of GST to be calculated on net GST liability, effective 1st July 2017. (retrospective change to be made in GST law).
• GSTR-1 for 2019-20 to 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 finalising the e-Wallet scheme up to 31.03.2021
