Summary of 39th GST Council Meeting

The 39th GST Council held on 14th March 2020 has taken the following decisions relating to changes in GST rates on supply of goods and services and implementation of the new filing system and e-invoicing.

Key Highlights from the meeting

  • Interest for delay in payment of GST to be charged on the net cash tax liability w.e.f. 01.07.2017.
  • Relaxation to MSMEs from furnishing of Reconciliation Statement in FORM GSTR-9C, for the financial year 2018-19, for taxpayers having aggregate turnover below Rs. 5 crores.
  • 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 year 2017-18 and 2018-19 for taxpayers with aggregate turnover less than Rs. 2 crores.
  • 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.
  • Existing filing of GSTR-3B and GSTR-1 to be continued to 30.09.2020.
  • A certain class of registered persons (insurance company, banking company, financial institution, non-banking financial institution, GTA, passenger transportation service etc.) to be exempted from issuing e-invoices or capturing dynamic QR code; and
  • The dates for implementation of e-invoicing and QR Code to be extended to 01.10.2020.

Click here to read the Notification.