The 39th GST Council meeting held on Saturday 14 March under the chairmanship of Union Finance & Corporate Affairs Minister Mrs. Nirmala Sithraman. Along with the finance minister, Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur also attended this meeting with Finance Ministers of States & UTs and seniors officers of the Ministry of Finance.
The finance minister Mrs. Nirmala Sithraraman chairs this meeting to take decisions on some of the crucial issues. Here are the highlights:
The existing filing system of GSTR-3B and GSTR-1 would continue up to Sep. 2020. As the new GST returns forms were causing troubles and hardships, so it would be applicable from the third quarter of the financial year 2020-21 and the first and second quarter of the financial year 2020-21 would continue with the existing return forms.
The due date for filing the GSTR-9 and GSTR-9C for the financial year 2018-19 to be extended up to 30th June 2020 from the earlier due date of 31st March 2020.
The implementation of QR and e-invoicing code is postponed up to 1.10.2020.
Relaxation has been provided for filing of GSTR-9C, for the financial year 2018-19, for the taxpayers having aggregate turnover below ₹5 crores. Earlier this limit was only up to ₹2 crores, now most of the MSME can be out of the preview of the audit.
Now, the interest for delayed GST payment would also be calculated on the net tax liability. This amendment will come to force on 1st July 2017.
In case of excess payment of tax, it is allowed for the refund to be sanctioned in both cash and credit.
A new scheme named ‘Know your Supplier’ is introduced so that the taxpayers could be updated with the basic details of the suppliers and the loss of ITC could be avoided.
The GST council discussed many things to strengthen the taxation system and to build a strong GST system to avoid tax evasion. Now all the eyes are on the outcome of this council meeting as it was addressing the taxpayers’ woes as a major agenda.
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