39th GST COUNCIL MEETING UPDATES ACCORDING TO SOURCES

> Interest will be charged on NET CASH LIABILITY. Amendment to be made retrospectively w.e.f. 01st July, 2017.

> Late fees for GSTR-9 has been waived for 2 years (F.Y. 2017-18 and F.Y. 2018-19) for taxpayers with annual turnover less than Rs. 2 Crore.

> Where registrations have been cancelled till 14.03.2020, application for revocation of cancellation of registration can be filed up to 30.06.2020.

> GSTR-1 filing to be staggered :

  • Before 10th of every month : For turnover greater than Rs 1.5 cr,
  • Before 13th of every month : For turnover lesser than Rs 1.5 cr.

GSTR-2A to be generated on 14th of every month.

> GSTR-1 to be made compulsory only for making B2B supplies, exports & amendments. B2C & non-filers of GSTR-3B to be exempted from filing of GSTR-1.

> GST Council to continue with GSTR-3B till September, 2020 & defer the new return system. Council defers the proposal on taxability of economic surplus of brand owners of alcohol for human consumption.

> GST Council decides to extend the deadline for filing of GSTR-9 & GSTR9C for F.Y. 2018-19 till 30 June,2020. Filing to be mandatory for taxpayers over Rs. 5 Crore of annual turnover.

> GST Council decides to defer the proposal of rate rationalization on textiles.

> GST Council decides to gives relief to domestic MRO service providers. Decides to bring parity by reducing rates to 5% GST will full ITC.

> GST Council decides to hike GST rates on mobile phones & parts from 12% to 18%. Deferred decision to hike rates on footwear & fertilizers.

> Nandan Nilekani assures GST Council that all glitches in GSTN Portal to be streamlined by Jan, 2021. Nilekani proposes overhauling of system with a specific step-wise road map. Proposal subject to getting hardware from China.