The GST Council - 39th meeting
The GST Council – 39th meeting held on 14.03.2020, has made the following recommendations:
- Interest for delay in payment of GST to be charged on the net cash tax liability w.e.f. 01.07. 2017(Law to be amended retrospectively).
- Where registrations have been cancelled till 14.03.2020, application for revocation of cancellation of registration can be filled upto30.2020 (extension of period of application as one-time measure to facilitate those who want to conduct business).
- Annual Return:
- Relaxation to MSMEs from furnishing of Reconciliation Statement in FORM GSTR-9C, for the financial year 2018 -19, for tax payer having aggregate turnover below Rs.5crores;
- 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 financial y ear2017-18 and 2018-19for tax payers with aggregate turnover less than Rs.2crore
- 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.
- Clarification in apportionment of ITC in case of business organization under section 18(3) of CGST Act read with Rule 41(1) of CGST Rules;
- Appeals during non-constitution of the Appellate Tribunal;
- Clarification on refund related issues
- Clarification on special procedure for registered persons who are corporate debt or sunder the provision so the Insolvency and Bankruptcy Code, 2016, undergoing the corporate insolvency resolution process
Amendments to the CGST Rules:
- Procedure for reversal of input tax credit in respect of capital goods partly used for affecting taxable supplies and partly for exempt supplies under rule 43(1) (c);
- Ceiling to be fixed for the value of the export supply for the purpose of calculation of refund on zero rated supplies;
- to allow for refund to be sanctioned in both cash and credit in case of excess payment of tax.
