GST 38th Meeting Live Update
The 38th GST meeting was held as on 18th Dec, 2019. The GST council recommendations are as follows:
- Due Date for filing of return GSTR-9 & GSTR-9C for FY 2017-18 is extended till 31st Jan 2020 from earlier date 31st Dec, 2019.
- Regarding GSTR-1
- Late fees for filing GSTR-1 for the period July 2017 to Nov 2019 is waived, if same has been filed by 10th Jan, 2020. Hence, the taxpayers who have not filed GSTR-1 till 10th Jan, 2020 are not exempted from penalty.
- Taxpayer who has not filed their GSTR-1 for two consecutive periods will not allow issuing E Way Bill.
- Provisional ITC further restricted to 10%, earlier this limit was 20%. This restriction was imposed w.r.t those bills which will not reflected in GSTR2A. Hence, frequent invoice matching will become mandatory now.
- Due date for filing GST return for the month of Nov, 2019, to be extended till 31st Dec, 2019 in case of some North Eastern States.
- A standard Operating Procedure (SOP) released for tax officers who are handling GSTR-3B cases.
- A single rate of 28% will be levied on lottery. This rate will be applicable w.e.f. 1st Mar, 2020. Earlier rate of lottery were as follows:
- State Owned Lottery – 12%
- State authorised – 28%
- To exempt upfront amount payable for long term lease of industrial/ financial infrastructure plots by an entity having 20% or more ownership of Central or State Government. Presently, the exemption is available to an entity having 50% or more ownership of Central or State Government. This change shall become effective from 1st January, 2020.
- A uniform rate of 18% is applicable on all such bags falling under HS 3923/6305 (Woven and Non- Woven Bags and sacks of polyethylene or polypropylene strips. Earlier this rate was 12%. This change shall become effective from 1st Jan, 2020.
- Suitable action to be taken for blocking of fraudulently availed Input Tax Credit through fake invoices.