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TMI Blog39th GST council meeting updateX X X X Extracts X X X X X X X X Extracts X X X X ..... 39th GST council meeting update - By: - Ashwarya Agarwal - Goods and Services Tax - GST - Dated:- 17-3-2020 - - The 39th GST Council meeting held on 14th March 2020 took decisions on various important issues and came up with following stress busting recommendations: INTEREST 1. Interest on delay in payment of GST shall be collected on Net Cash payment only w.e.f 01.07.2017; REVOCATION ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... OF CANCELLATION 2. One time measure for Revocation of cancellation of registration for Registrations cancelled till 14.03.2020. Revocation application can filled up to 30.06.2020; GSTR 9 9C 3. Due date for filing of GST Annual Return and Reconciliation statement in Form GSTR 9 9C respectively for the FY 2018-19 has been extended from 31.03.2020 to 30.06.2020; 4. Relaxation in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filing of GSTR 9C for the FY 2018-19 for the taxpayer having aggregate turnover below 5 Crore; NEW RETURN E-INVOICING 5. The proposed New return filing mechanism and e-invoicing has been deferred till October 2020. Hence the existing return filing mechanism i.e. GSTR 1 GSTR 3B shall continue till then; 6. Certain class of persons like Insurance Cos., Banking Financial Institut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions, GTA, etc shall be exempted from e-invoicing; 7. Some new Information based returns shall be introduced for Banks to seek various information; Sri Nandan Nilekani also attended the meeting on behalf of Infosys and presented before the council and suggested a roadmap for smooth rollout of new return system, to begin with linking of data in GSTR 3B with GSTR 1 and GSTR 2A . REFUND ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8. Currently refund claims can be filed for multiple periods within same FY. Now it is proposed to allow filing of refund claim for multiple FY's; 9. Ceiling to be fixed for the value of the Export Supply for the purpose of calculation of Refund on Zero rated supplies; 10. Refund shall be allowed to be sanctioned in both Cash and Credit in case of excess payment of tax; 11. To imple ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment recovery of refund sanction on export of goods where export proceed are not realized within the time prescribed under FEMA act; FAKE ITC 12. In order to curb passing of Fake or Fraudulent ITC, restriction shall be imposed on passing of ITC in case of New Registrations, before Physical Verification of Premises and Financial KYC of registered person; 13. A new facility 'KNOW YOUR S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... UPPLIER' to be introduced to get some basic information about your supplier; MISCELLANEOUS 14. Adhaar Authentication to be operationalized for new taxpayers; 15. Few Circulars to be issued for clarification on various issued related to Appeal, Apportionment of ITC, Refund and Special procedures for Corporate Debtors undergoing CIRP; RATE CHANGE w.e.f 01.04 2020 16. Mobile Phones ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and Specified Parts = 12% to 18%; 17. Match Sticks to be rationalized to 12% (from 5% on handmade and 18% on others); 18. Maintenance Repair Overhaul service i.r.o Aircraft = 18% to 5% with full ITC. Note: The above changes are re-commendatory and shall be effective when notified or necessary amendment made in law. I hope you find the same helpful. Take care and stay safe. With w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arm regards - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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