Outcome of 39th GST Council Meeting

OUTCOME OF 39TH GST COUNCIL MEETING

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).

 

 

  • 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.

 

 

  • 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

 

 

  • 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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