Fin Min chaired, 39th GST council meeting has just concluded and following significant decisions were taken :
- GST on mobile phones increased from 12% to 18% w.e.f 01st April 2020
- New GST return system deferred till September 2020
- The due date for GSTR 9 & GSTR 9C for FY 2018-2019 pushed from 31st March 2020 to 30th June 2020.
- GSTR 9C applicability for FY 2018-2019 – turnover increased from 2Cr to 5Cr.
- Interest on delayed payments changed from gross liability to net liability w.e.f 01st July 2017, the most awaited decision.
- Late fee waived on delayed filing of GSTR 9 and 9C for 2017-2018 for businesses having a turnover of lesser than 2 Crores.
- A new facility of “Know your supplier” to be introduced to help businesses know the compliance standing of suppliers and aid them in decision making.
- The monthly GSTR-1 filing to be done in a staggered manner :
*Turnover more than Rs 1.5 cr -to file before 10th of the following month
* Turnover up to Rs 1.5 cr -to file before 13th of the following month.
These are welcome changes and provides significant relief to taxpayers. However, there was no mention of one of the most anticipated decisions on the extension of the time limit to claim GST input for FY 2018-2019. The full press release is expected to be made available at http://gstcouncil.gov.in/meetings