GST Council Meeting to be held on 18.12.2019

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.