Infosys Nilekani gave GST Network presentation to Council.
Council ask Infosys to improve GST Network by July.
Filing to be mandatory for taxpayers over Rs 5cr of annual turnover
Decides to extend deadline for filing of GSTR9 & GSTR9C for FY18-19 till June 30, 2020,
GST Council to continue with 3B till September & defer the new return system.
Council defers the proposal on taxability of economic surplus of brand owners of alcohol for human consumption,
Reassures states towards payment of compensation dues,
Where Cancellation have been cancelled till March 14, application for cancellation of revocation can be filed till March 31, 2020.
GSTR-1 to be made compulsory only for making B2B supplies, exports & amendments
B2C & non-filers of GSTR-3B to be exempted from filing GSTR-1
Before 10th for turnover greater than Rs 1.5 cr
Before 13th for turnover lesser than Rs 1.5 cr
GSTR-2A to be generated on 14th of every month
Council approves “Know your Supplier” Scheme
Major Reliefs:
Interest for delay in GST payment will now be charged on next cash liability under Section 50, to be applicable from July 2017
GST on mobile phones and specified parts was increased from 12% to 18%. This decision was taken to avoid difficulties due to the inverted duty structure.
All types of matches have been rationalised to a single GST rate of 12%. Till now, the handmade ones were taxed at 5% and the rest was taxed at 18%.
GST on Maintenance, Repair and Overhaul (MRO) service in respect to aircraft was reduced from 18% to 5% with full ITC.
All these rate changes will come into effect from 01 April 2020.
A new scheme called ‘Know your Supplier’ has been introduced so that the taxpayers are informed about the basic details of the suppliers with whom they transact or propose to conduct business.
