Vide  notification  No. 69/2020 –Central  Tax,dated30.09.2020,  the  due  date  for furnishing of the Annual return for the FY 2018-19 was extended till31.10.2020.

On recommendation of the GST Council, the due date for filing annual return FORM GSTR 9/GSTR 9A and Reconciliation Statement FORM GSTR 9C has been extended from 31.10.2020 to 31.12.2020, according to press release by CBIC.

It is also to be noted that filing of Annual Return (Form GSTR 9/GSTR 9A) for 2018-19 is optional for taxpayers who had aggregate turnover below Rs. 2 crore. Also filing of Reconciliation Statement In FORM GSTR 9C for FY 2018-19 is optional for the taxpayers having aggregate turnover upto Rs 5 crore.

Notification to give effect to this decision would follow.

Also Read : Income Tax Extension For FY 19-20

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GST department in an official letter , said that all the registration application filed on or before 30.06.2020 which remained pending for processing as on 15.07.20 , is deemed approved.

All other pending applications will be approved till 31.07.2020 in a special drive.

Normal process of deemed approval of registration will be started from 01.08.20.

Read Also : GSTN Advisory on rejected revocation Application

Full details given below :

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1. In case your application for revocation of cancellation of registration was rejected by the tax authorities before 12/6/2020 and you wish to avail benefit of RoD order 01/2020 dated 25.06.2020, as an interim measure, you can request the appellate authority or the higher authority to pass a simple offline order on it for restoration of the application.

2. Based on such order, your jurisdictional authority can restore the application for revocation of cancellation. You need to apply post login:- Registration- Restore Registration- Restore Revocation. You have to enter ARN of the order and would require to upload scanned copy of the order passed after clicking “Appeal in favour”.

3. GSTN is working on to remove present restriction on reapplication of the revocation of cancellation application. After that filing of revocation of application would become one step process. It is expected to be available shortly. The above suggested solution is an interim measure.

Read Also : Changes in GST

Read Also : Income Tax Return New Forms 

Read Also : ITR verification extension order

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Section 128 of Finance Act 2020 is as follows :

Read Also : New TDS rates from 14.05.2020

In section 140 of the Central Goods and Services Tax Act, with effect from the 1st
day of July, 2017,—
(a) in sub-section (1), after the words “existing law”, the words “within such time and” shall be inserted and shall be deemed to have been inserted;

(b) in sub-section (2), after the words “appointed day”, the words “within such time and” shall be inserted and shall be deemed to have been inserted;

(c) in sub-section (3), for the words “goods held in stock on the appointed day subject to”, the words “goods held in stock on the appointed day, within such time and in such manner as may be prescribed, subject to” shall be substituted and shall be deemed to have been substituted;

(d) in sub-section (5), for the words “existing law”, the words “existing law, within such time and in such manner as may be prescribed” shall be substituted and shall be deemed to have been substituted;

(e) in sub-section (6), for the words “goods held in stock on the appointed day subject to”, the words “goods held in stock on the appointed day, within such time and in such manner as may be prescribed, subject to” shall be substituted and shall be deemed to have been substituted;

(f) in sub-section (7), for the words “credit under this Act even if”, the words “credit under this Act, within such time and in such manner as may be prescribed, even if” shall be substituted and shall be deemed to have been substituted;

(g) in sub-section (8), for the words “in such manner”, the words “within such time and in such manner” shall be substituted and shall be deemed to have been substituted;

(h) in sub-section (9), for the words “credit can be reclaimed subject to”, the words “credit can be reclaimed within such time and in such manner as may be prescribed, subject to” shall be substituted and shall be deemed to have been substituted.

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The 39th GST Council Meeting was held on 14th March 2020 in New Delhi where in key decisions were taken.

Key Outcomes of 39th GST Council Meeting are as follows 

• Interest for delay in payment of GST to be charged on the net cash tax liability w.e.f. 01.07.2017 (Law to be amended retrospectively).

• Where registrations have been cancelled till 14.03.2020, application for revocation of cancellation of registration can be filled up to 30.06.2020 (extension of period of application as one-time measure to facilitate those who want to conduct business).

• Relaxation to MSMEs from furnishing of Reconciliation Statement in FORM GSTR-9C, for the financial year 2018-19, for taxpayers having aggregate turnover below Rs. 5 crores;

• Due date for filing the Annual return and the Reconciliation Statement for financial year 2018-19 to be extended to 30.06.2020; and

         Read Also : 38th GST Council meeting decisions

• Late fees not to be levied for delayed filing of the Annual return and the Reconciliation Statement for financial year 2017-18 and 2018-19 for taxpayers with aggregate turnover less than Rs. 2 crores.

• A new facility called ‘Know Your Supplier’ to be introduced so as to enable every registered person to have some basic information about the suppliers with whom the conduct or propose to conduct business.

• The requirement of furnishing FORM GSTR-1 for 2019-20 to be waived for taxpayers who could not opt for availing the option of special composition scheme under notification No. 2/2019-Central Tax (Rate) dated 07.03.2019 by filing FORM CMP-02.

• A special procedure is being prescribed for registered persons who are corporate debtors under the provisions of the Insolvency and Bankruptcy Code, 2016 and are undergoing the corporate insolvency resolution process, so as to enable them to comply with the provisions of GST Laws during the CIRP period.

• Extension of due dates for FORM GSTR-3B for the month of July, 2019 to January, 2020 till 24 March, 2020 for registered persons having principal place of business in the Union territory of Ladakh. Similar extension is also recommended for FORM GSTR-1 & FORM GSTR-7.

• Bunching of refund claims allowed across financial years to facilitate exporters

• Certain class of registered persons (insurance company, banking company, financial institution, non-banking financial institution, GTA, passenger transportation service etc.) to be exempted from issuing e-invoices or capturing dynamic QR code;

• The dates for implementation of e-invoicing and QR Code to be extended to 01.10.2020

• Continuation of existing system of furnishing FORM GSTR-1 & FORM GSTR-3B till September, 2020

• Seeking information return from Banks;

• To curb fake invoicing and fraudulent passing of ITC, restrictions to be imposed on passing of the ITC in case of new GST registrations, before physical verification of premises and Financial KYC of the registered person.

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Read Also : GST NEW RETURN FILING

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GST E Invoices rules notified by CBIC

In a big bang change in GST invoicing method Central Board of Indirect Taxes has notified the rules for issuing GST E invoices. To tackle the menace of fake invoices in GST and input tax credit GST e invoices rules notified by CBIC. GST Invoice Format was already published by GSTN for suggestions.

The electronic generation of invoices will be optional from January 2020 and will be made mandatory from April 2020.To implement this change GST E invoices rules notified by Central Board of Indirect Taxes, CBIC.

Provisions relating to Invoices in GST.

Every registered person making any taxable supply of goods or services or both shall issue a Tax Invoice within the time prescribed under the law. The invoice has to be generated as per the prescribed format and containing particular as given in Rule 46 of CGST Rules.The new GST Invoice Format has already been published by GSTN.

Need for GST E invoices

Since, Input Tax Credit in GST plays a very important role, and many firms are claiming input tax credit on the basis of fake invoices. CBIC in order to tackle this issue has announced electronic generation of invoices.

Now, after a long discussion and releasing the formats and sample of invoices by GST, government has come out with the relevant notifications clearing the cloud on this matter.

Notification No 68/2019 dated 13-12-2019

This notification seeks to make necessary changes in CGST rules relating to invoices in GST. It specifies the class of registered persons to issue GST invoices in Form GST INV 01. This shall include the particulars as may be prescribed. The GST INV 01 shall be made through the Common portal as specified.

Any person who is liable to issue invoices electronically shall not issue any invoices in other modes. Any such invoices issued will be treated as invalid invoice.

Notification 69/2019 dated 13-12-2019

In this notification government has specified the common portal on which GST e invoices shall be made. Persons who are required to make electronic invoice shall use any of these portals :

www.einvoice1.gst.go.vin till www.einvoices10.gst.gov.in. All these portals will work for issuing of invoices to handle the load and make the process easy and smooth.

Also Read : Who shall take GST Registration

Also Read : NEFT timings changes from 16.12.2019

Notification No 70/2019 dated 13-12-2019

As per this notification, every registered person whose aggregate turnover exceeds Rs 100 Crores shall issue invoices as per the process specified in Notification 68/2019 and Notification 69/2019 dated 14-12-2019.The electronic invoices shall be issued for every supply of goods or services or both to a registered person . In simple words , GST E invoices shall be issued for B2B invoices and not for B2C invoices

Notification No 71/2019 dated 13-12-2019

Along with the electronic invoices in GST , Notification No 71/2019 also specifies that mentioning of Quick Response Code will be mandatory from April 2020 on Tax Invoices .

Notification No 72/2019 dated 13-12-2019

Notification No 72/2019 specifies the registered person having aggregate turnover more than Rs 500 Crores as a class of registered person who shall mention the Quick Response Code or QR code for invoices to unregistered person. The QR code shall be provided for all B2C transactions. If such registered person makes a Dynamic Quick Response (QR) code available to the recipient through a digital display, such B2C invoice issued by such registered person containing cross-reference of the payment using a Dynamic Quick Response (QR) code, shall be deemed to be having Quick Response (QR) code

Aggregate turnover shall have the same meaning as specified in Clause 6 of Section 2 of GST Act.

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The next GST Council meeting is scheduled to be held on 18th December 2019 under the Chairmanship of Honorable Finance Minister Smt Nirmala Sitharam . In this 38th meeting of the all powerful GST body , the GST slab rate of 5% may be increased to 6% in order to increase revenue and to compensate state for their dues. It is also proposed to increase the gst rate on gold form 3%.Presently , 5% slab includes various goods including essential clothings , footwear and essential food items.

Besides GST rate increment, various GST exemption may also be looked into and certain supply of Goods and Services in GST may be brought under tax net. In order to make taxable supply in gst of earlier exempt items dealer can take input tax credit in respect of stock held as on the date of change in tax category by filing Form GST ITC 01.

In the procedural aspects, GST Council may announce the implementation schedule for GST 2.0 Gst New Return System which comprises of GST ANX-1 , GST ANX-2 , GST Quarterly Normal , GST Monthly Normal for different category of taxpayers depending on the nature of transaction . The new gst return system is scheduled to kick start from 01.04.2020 for which trial run has already begun on gst portal for testing the filing process .

It is also proposed to finalise the procedure and limit for issuing gst e invoices which has to be made operation from 01.01.2020 on optional basis and mandatory from 01.04.2020 for certain category of taxpayers. Schema and utilities for GST E Invoices has already been uploaded by GSTN on the portal for easy and better understating of issuing GST E Invoices.

Regarding Late Fees waiver in GSTR3B filing after due date for the year 2017-18 , 2018-19 , no waiver Is likely for the defaulters in the present meeting. Also, late fees for not filing GSTR10 Final Return by a cancelled GSTIN holder within  90 days is also not likely to happen in this gst council meeting.In its earlier meeting , GST council has decided to implement electronic invoicing system to check tax evasion and tackle with menace of fake invoices.

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The amendment act has done various major changes in existing GST Provisions . 

Some of the important GST Amendment  includes :

Provisions related to Blocked Input Tax Credit in GST U/s 17(5) has been amended. Earlier Input Tax Credit was Blocked in respect of all vehicles. After amendment this restriction has been relaxed to some extent and Input Tax Credit can be claimed for vehicles,

Earlier registered supplier has to issue credit notes and debit notes on one to one basis in respect of Tax Invoices In GST. Now one or more Credit and Debit notes can be issued in respect of one or more Tax invoices in GST . This will provide big relief to taxpayers from documentation .

Certain definitions as given in Section 2 of GST Act ,such as Appellate Authority etc has been amended . 

Provisions of Reverse Charge Mechanism U/s 9(4) , has been deleted and new provisions has been inserted . As per the new provisions only notified persons will be required to pay tax under reverse charge for purchases from Unregistered Person in GST for specified goods and services.

Eligibility for opting in GST Composition scheme has been relaxed and big relief has been provided through this GST Amendment for small taxpayers .

The Limit of GST registration has also been increased in this amendment Act.

The new procedure to file GST New return system has been included in GST Act U/s 43A which is yet to be notified . This will change the GST Return filing process for all the dealers and registered taxpayers .

These are some of major changes done in the GST amendment Act. Complete amendment Act is enclosed here for download

Copy of Finance Act can be downloaded here

CGST Amendment 2019

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Conditions for availing the benefit of 6% under GST new scheme – 

 a) whose aggregate turnover in the preceding financial year was fifty lakh rupees or below b)who is not eligible to pay tax under sub-section (1) of section 10 of the said Act; c)who is not engaged in making any supply which is not leviable to tax under the said Act d)who is not engaged in making any inter-State outward supply; e)who is neither a casual taxable person nor a non-resident taxable person; f)who is not engaged in making any supply through an electronic commerce operator who is required to collect tax at source under section 52 g)who is not engaged in making supplies of ice cream , pan masala , Tobacco and its substitutes. h)The registered person shall not collect any tax from the recipient on supplies made by him nor shall he be entitled to any credit of input tax i)The registered person shall mention the following words at the top of the bill of supply, namely: – ‘taxable person paying tax in terms of notification No. 2/2019-Central Tax (Rate) dated 07.03.2019, not eligible to collect tax on supplies. j)where one person is opting for the said scheme then all the business under same PAN shall otp for the said scheme k)the registered shall be liable to pay tax under RCM U/s 9(3) and 9(4). l)The registered person opting to pay central tax at the rate of three percent under this notification shall be liable to pay central tax at the rate of three percent on all outward supplies specified in column (1) notwithstanding any other notification issued under sub-section (1) of section 9 or under section 11 of said Act 

Meaning of First supplies of goods or services or both –

For the GST new scheme , it means for the purposes of determining eligibility of a person to pay tax under this notification, include the supplies from the first day of April of a financial year to the date from which he becomes liable for registration under the said Act but for the purpose of determination of tax payable under this notification shall not include the supplies from the first day of April of a financial year to the date from which he becomes liable for registration under the Act. Also Read : Relief for Small Taxpayers Link for Download of Notification : Notification No 02/2019 CT-R Dated 07.03.2019.

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