At 14 March Saturday 39th GST Council Meeting took place where the Union Finance & Corporate Affairs Minister Mrs. Nirmala Sitharaman leads the table. The meeting held between the senior officers of the Ministry of Finance, Mrs. Sitharaman, UTs & Union Minister of State for Finance & Corporate Affairs Mr. Anurag Thakur. The chairmanship of the Union Finance & Corporate Affairs Minister meeting arranged for some vital conclusion for the following issues.
Here below are the highlights:
- Explication of GSTR-1 and GSTR-3B
- Prolongation of e-invoicing with its QR code
- Changes in Rates
- Extension of Due Date of Annual Returns
- Remission for threshold limit
- Interest charges on delayed payment
- KYS (Know Your Supplier) Scheme
These are the highlight of 39th Council Meeting here elaborating every highlights clearly.
Explication of GSTR-1 and GSTR-3B
The meeting comes up with the conclusion to keep the current filing system of GSTR-3B and GSTR-1 till September 2020. Due to some complications and troubles with New GST returns forms. That’s why it will be going to applicable from the third quarter of the financial year 2020-21. Hence the existing filing system will take over the first and second quarter of the financial year 2020-21.
Prolongation of e-invoicing with its QR Code
The e-invoicing & QR Code execution has been postponed Upto 1 December 2020.
Changes in Rates
- Previously the GST rates on mobile phones and its parts were 12% now its hiked to 18%. The problem was the dispute in duty structure which causes this action.
- To address the classification issues, the members decides the GST rate of every types of matches (Handmade and other than Handmade) rationalized to 12%. The classifications issues debated on the 37th meeting and still pending.
Extension of Due Date of Annual Returns
The last filing date of GSTR-9 and GSTR-9C for the financial year 2018-19 has been extended Upto 20th June 2020 which was earlier 31st March 2020.
Remission for threshold limit
The financial year 2018-19 were the remission for filing of GSTR-9C for the taxpayer with underneath ₹5 crores. But now the limit was cut down upto ₹2 crores. Presently the greater part of the MSME can be out of the statement of audit.
Interest charges on delayed payment
Presently, the interest for postponed GST installment would likewise be determined on the net tax liability. This alteration will come to drive on first July 2017.
If the payment of tax has been exceeded then, it is valid to refund the individual or company in cash and credit
KYS (Know Your Supplier) Scheme
KYS (Know Your Supplier) is the new scheme which has been proposed to let the tax payer access the basic information of suppliers along with the loss of ITC which can be avoided. To skip from the tax evade the GST Council Members have debated on several things to invigorate the taxation system. Still the meeting is been the eye candy for people because the major agenda was the addressing the taxpayers. Choose gst accounting solutions For Business management, and work on this software very easy.