39th GST Council Meeting Update

1. Recommendations on Changes in Rate of Tax:

2. Annual return (Form GSTR 9C):

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

3. Deferment of E-invoice and QR Code:

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

4. Deferment of e-wallet Scheme:

• Extension of the time to finalize e-Wallet scheme up to 31.03.2021; and
• Extension of the present exemptions from IGST and Cess on the imports made under the AA/EPCG/EOU schemes up to 31.03.2021

5. Other Updates:

• Deferment of new return: Continuation of existing system of furnishing FORM GSTR- 1 & FORM GSTR-3B till September, 2020;
• ‘Know Your Supplier’ : 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 they conduct or propose to conduct business;
• Waver to file Form GSTR 1:The requirement of furnishing FORM GSTR-1 for FY 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;
• Extension of due dates: FORM GSTR-3B for the month of July, 2019 to January, 2020 till 24th 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.

For detailed access to press release are as follows: Press Release 1

Please note the above information is based on the press release dated 14.03.2020 outcome of the 39th GST Council Meeting. Appropriate notification / circulars to be issued for the same to make it effective.

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