39th GST Council Meeting DT- 14Mar2020

Key decisions by 39th GST Council Meeting

  1. Interest to be paid on net cash liability. Amendment with retrospective effect from 01.07.2017.
  2. Due date for GSTR 9 and GSTR 9 C for FY 2018-19 extended to 30.06.2020.
  3. GSTR 9 C not to be filed for taxpayers having turnover less than ₹5 crores.
  4. Late fees for GSTR 9 and GSTR 9 C waived off for taxpayers having turnover less than ₹2crores
  5. GSTR 1 made optional for specified taxpayers.
  6. Know your supplier scheme approved.
  7. New returns and einvoicing deferred to Oct 2020.
  8. Refund for cash and credit in case of excess payment of tax.
  9. Refund can now be filed for multiple financial years together by an exporter.
  10. Restriction imposed on passing of ITC by new registrants before physical verification and financial KYC.
  11. Refunds to be reversed if payment against exports not received as per FEMA provisions.

The GST Council deferred the proposal of hiking the rates
GST on mobile phones, specified parts increased to 18% from 12%
The report added that the Council also decided to extend the deadline for filing the GST9R and GSTR9C for FY18-19 till June 30, 2020.
Important announcement: GSTR-9 and 9C due date pushed to 30th June 2020 for FY 2018-19 from 31 March 2020; Increases the turnover limit from Rs 2 cr to Rs 5 cr for the mandatory annual return filing.
The GST Council will continue with GSTR-1, GSTR-2A and GSTR-3B till September 2020 and defer the new GST return system till such time.

Infosys, which in 2015 won the contract for managing backend for GST Network (GSTN), has drawn flak from the ministry over the tech glitches, some of them have been unresolved for almost two years. The finance ministry has sought an urgent resolution plan from the Bengaluru-based software giant to address these tech glitches.