38th GST Council Meeting: Updates and Highlights
38th GST Council Meeting: Updates and
Highlights
The 38th GST Council meeting held on 18 December 2019, Wednesday
was chaired by our Hon’ble Union FM Nirmala Sitharaman and conducted at New
Delhi. A presentation was made to the 38thGST
Council on the issue of revenue, GST rate structure and compensation needs of
the States. Before the presentation, the Convenor of GoM on revenue
augmentation Sh. Sushil Kumar Modi, Dy CM (Bihar) made opening remarks about
the revenue position and future roadmap.
Here are the main decisions that were taken during the recent
meeting.
GST Updates:
1. Due dates
extended for GSTR-9 and GSTR-9C for FY 2017-18 till 31 January 2020
The due date of GSTR-9 and
GSTR-9C are extended further till 31 January 2020 from the earlier date of 31
December 2019. It was done to allow more time for taxpayers to use the offline
tool of GSTR-9C that is expected to be made available on 21 December 2019.
2. Provisional
ITC claim in GSTR-3B further restricted:
The amount of ITC availed on a provisional basis restricted to
10% from the earlier 20%, where invoices or debit notes are
not reflected in GSTR-2A. Hence,
invoice matching must be frequently done, and vendor communication becomes
challenging.
3. Late fee
waiver on GSTR-1 through amnesty scheme:
Waiver of late fee for GSTR-1 for
tax periods between Jul 17 and Nov 19, if filed by 10 January 2020. If the
taxpayer does not still file for more than two consecutive tax periods, then
e-way bills of such taxpayer will be blocked from generation.
4. Standard
Operating Procedure (SOP) in case of non-filing of GSTR-3B defined for taxman:
The SOP is to be released for the benefit of tax officers about
actions taken for non-filing of GSTR-3B. These
will help in blocking or reversal of fake ITC availed.
5. Due dates
for GST returns extended for certain category of taxpayers
The due date extension for GST
returns for some North Eastern States (November 2019) to be
extended till 31 Dec 2019.
6. The GST
Council decided to levy 28% tax on all lotteries
- Opts
for voting to conclude the matter
- Date
of applicability is 1 March 2020
- Prior,
GST rates on lottery schemes were as follows:
- State-owned
– 12%
- State-authorised
– 28%
7. GST Rate rationalised
to remove inverted tax structure
The GST Council imposes a uniform rate of 18% from earlier 12%
on bags belonging to HSN code 3923/6305
from 1 January 2020 (woven and non-woven bags and sacks of polythene or
polypropylene strips or the like, whether or not laminated, of a kind used for
packing of goods including FIBC). It effectively removes the inverted tax
structure.
8. GST
exemption for the industrial land developers:
Supply should be a long-term lease of an industrial or financial
infrastructure plots. The Central or State Government holds 20% or more shares
in the developer’s capital from the earlier share of at least 50%. Exemption to
apply from 1 January 2020.
Other Decisions:
- Amendments
to the GST law to be taken up in the Union Budget 2020-21. Several
thoughts deliberated on GST revenue augmentation. Grievance Redressal
Committees (GRC) will be constituted at Zonal/State level to address
grievances of specific/ general nature of taxpayers.
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