CA Nikhil Jhanwar
Quick Summary
Amid huge expectations from GST council from 39th meeting held on 14.03.2020, GST Council has recommended various changes in GST law to facilitate trade and industry at large. We present to you top 10takeways from GST council meeting at New Delhi: 1. Interest on delayed payment to be calculated o
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FAQ :
Interest on delayed GST payments will be calculated retrospectively from July 1, 2017, on the net GST liability paid in cash, rather than the gross liability.
The due date for filing GSTR-9 and GSTR-9C for FY 2018-19 has been extended to June 30, 2020. MSMEs with turnover below Rs. 5 crores are relaxed from furnishing GSTR-9C, and late fees are waived for delayed filing for FY 2017-18 and 2018-19 for taxpayers with turnover less than Rs. 2 crores. Taxpayers with turnover below Rs. 2 crores are not required to file GSTR-9C.
The implementation of e-invoicing and QR codes, initially planned for April 1, 2020, has been deferred to October 1, 2020. Exemptions are provided for insurance companies, banks, financial institutions, GTAs, and passenger transportation services.
Yes, the new GST returns system, originally scheduled for April 1, 2020, has been deferred until September 30, 2020. The current system of GSTR-3B and GSTR-1 will continue until then.
The GST rate on mobile phones and specified parts has been recalibrated from 12% to 18% to address the inverted duty structure, where input taxes were higher than output taxes, causing input tax credit accumulation.
A new 'Know Your Supplier' facility is proposed to be introduced, allowing registered persons to access basic information about their current or prospective suppliers.
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