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In the past, the government introduced the new GST return system and announced that the implementation of the same would take place from 01st April 2020 but in the 39th GST council meeting, they decided to postpone it till 01st October 2020 and will continue with the existing GST return system. The present return system will be continued until September 2020.
In the 39th GST council meeting updates , there are some changes done in the GST rates. All the changes will come into effect from 01st April 2020. The changes in the GST meeting updates and it's rates are as following:
The interest on delayed payments was used to calculate the tax collected while making sales. But now, it will be calculated on the net cash tax liability. This amendment will apply retrospectively from 1st July 2017.
The due date of the form GSTR-9 and 9C is stretched to 30th June 2020 for FY 2018-19.
The annual return is a compulsion to file if your turnover is Rs 5 Crore for FY 2018-19. Previously, the turnover used to be Rs 2 Crore. Submission of GSTR-9C is optional for the taxpayers who have less than Rs 5 crore annual turnover.
The taxpayers are not required to pay any charges like late fees for late filing of GSTR-9 in FY 2017-18 and FY 2018-19 for an annual turnover of less than Rs 2 crore.
A new scheme called ‘Know your Supplier’ has been introduced. Under this scheme, the taxpayers will be informed about the basic details of the suppliers with whom they are dealing with.
The GSTR-1 for 2019-20 will be waived for certain taxpayers who could not opt for the special composition scheme (notification No. 2/2019-Central Tax (Rate) dated 7th March 2019) by filing Form CMP-02. For the taxpayers, registered in the Union Territory of Ladakh, the due date of Form GSTR-3B for July 2019 to January 2020 is extended till 24th March 2020.
Taxpayers who have canceled their GST registration till 14th March 2020 can file an application for revocation of cancellation of registration till 30th June 2020. This extension is provided for the taxpayers who want to continue their GST registration.
Infosys Chairman, Mr. Nandan Nilekani, has to submit a report about progress updates regarding the GST IT systems at the next three GST council meetings Updates.
Extension of the time to finalize the e-Wallet scheme for consumers up to31st March 2021.
A distinctive manner of GST was prescribed during the CIRP period for the GST registered corporates who presently process insolvency methods under IBC Code, 2016.
Because of the merger which took place in January 2020, for the taxpayers of Dadra and Nagar Haveli & Daman and Diu, a transition plan is laid down till 31st May 2020.
For helping the exporters, the refund claims will now be processed in bulk.
Present IGST and cess exemptions on the imports made under the AA/EPCG/EOU schemes will continue up to 31st March 2021.
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