GST Council Meeting- Highlights

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Yash Gohel

GST council meeting key highlights, important updates, deadlines and extensions and major announcements.

40th GST Council Meeting Highlights:

Date held: June 12, 2020

Chaired by: Union Finance Minister Nirmala Sitharaman

The 40th GST Council meet was the first to be held after the COVID-19 breakout in India. A lot of discussions like GST compensation, inverted tax structure and rate rationalization were postponed to the next council meeting.

Key highlights:

1. Reduction in late fee for past returns:

2. Small taxpayers / MSME filers:

3. One-time extension for revoking cancellations of GST registration-

The period for seeking revocation has been extended till September 30, 2020. This is applicable for all registrations which were cancelled till June 12, 2020. This will come as a relief for taxpayers who could not get their GST registrations restored on time. The original time limit is only 30 days from the date of issue of cancellation order

4. A special one-agenda meeting

The council members have set a special one-agenda meeting in July 2020. The purpose is to discuss the GST compensation to states and Union Territories and its subsequent funding. The GST collections have been 45% of the usual levels in the past 2 months.

39th GST Council Meeting Highlights:

Date held: March 14, 2020

Chaired by: Union Finance Minister Nirmala Sitharaman

Infosys Chairman, Mr. Nandan Nilekani to present progress updates about GST It systems at the next three GST Council Meetings. The 39th GST Council meet took an array of decisions. Let’s take a look at it.

Key highlights:

1. Deferment of the new GST return system and e-invoicing

The present return system of filing GSTR-3B and GSTR-1 will be continued until September 2020.

2. Important changes to GST rates:

The following changes will take effect from April 1, 2020.

3. Interest on delayed payment:

The interest for delayed GST payment shall be calculated on the net tax liability. This will be given retrospective effect from July 1, 2017.

4. GSTR-9 and GSTR-9C:

5. Waiver and extension of due dates:

6. Know Your Supplier:

A new facility called “Know Your Supplier” was introduced. This will enable the registered taxpayer to have necessary information about the suppliers with whom they conduct or intend to do business.

7. Revocation of cancellation:

The period for seeking revocation has been extended till June 30, 2020. This is applicable for all registrations which were cancelled till March 14, 2020. The extension is a one-time measurement that will come as a relief for taxpayers who could not get their GST registrations restored on time.

8. Other highlights:

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