{"id":8155,"date":"2020-03-14T12:03:21","date_gmt":"2020-03-14T12:03:21","guid":{"rendered":"https:\/\/sunkrish.com\/?p=8155"},"modified":"2022-06-04T11:33:55","modified_gmt":"2022-06-04T11:33:55","slug":"39th-gst-council-meeting-highlights","status":"publish","type":"post","link":"https:\/\/sunkrish.com\/index.php\/2020\/03\/14\/39th-gst-council-meeting-highlights\/","title":{"rendered":"39th GST Council Meeting: Highlights"},"content":{"rendered":"<p><a href=\"https:\/\/sunkrish.com\/wp-content\/uploads\/download-8-1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-3082\" src=\"https:\/\/sunkrish.com\/wp-content\/uploads\/download-8-1.jpg\" alt=\"\" width=\"240\" height=\"132\"\/><\/a>Infosys Nilekani gave GST Network presentation to Council.<\/p>\n<p>Council ask Infosys to improve GST Network by July.<\/p>\n<p><\/p>\n\n\n<p class=\"wp-block-paragraph\">Filing to be mandatory for taxpayers over Rs 5cr of annual\nturnover<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Decides to extend deadline for filing of GSTR9 &amp; GSTR9C\nfor FY18-19 till June 30, 2020,<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">GST Council to continue with 3B till September &amp; defer the new return system.&nbsp;&nbsp;&nbsp;&nbsp; <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Council defers the proposal on taxability of economic surplus of brand owners of alcohol for human consumption,<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Reassures states towards payment of compensation dues, <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Where Cancellation have been cancelled till March 14,\napplication for cancellation of revocation can be filed till March 31, 2020.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">GSTR-1 to be made compulsory only for making B2B supplies,\nexports &amp; amendments<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">B2C &amp; non-filers of GSTR-3B to be exempted from filing\nGSTR-1<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Before 10th for turnover greater than Rs 1.5 cr<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Before 13th for turnover lesser than Rs 1.5 cr<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">GSTR-2A to be generated on 14th of every month<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Council approves \u201cKnow your Supplier\u201d Scheme<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Major Reliefs:&nbsp;&nbsp; <\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Interest for delay in GST payment will now be charged on next cash liability under Section 50, to be applicable from July 2017&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">  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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><br \/> 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%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><br \/> GST on Maintenance, Repair and Overhaul (MRO) service in respect to aircraft was reduced from 18% to 5% with full ITC.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"> All these rate changes will come into effect from 01 April 2020. <br \/> <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A new scheme called \u2018Know your Supplier\u2019 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. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 &amp; GSTR9C for &hellip; <a href=\"https:\/\/sunkrish.com\/index.php\/2020\/03\/14\/39th-gst-council-meeting-highlights\/\">Continued<\/a><\/p>\n","protected":false},"author":1,"featured_media":3082,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,493,491],"tags":[311,322,535,1007,972,380,295],"class_list":["post-8155","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-corporate-services","category-economy-business-updates-corporate-affairs","category-income-tax-e-filing-of-returns-for-individuals-partnerships-companies","tag-corporate","tag-e-filing","tag-goods-and-services-tax-gst","tag-gst-council","tag-gst-network-gstn","tag-know-your-customer-kyc","tag-taxation"],"_links":{"self":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts\/8155","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/comments?post=8155"}],"version-history":[{"count":11,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts\/8155\/revisions"}],"predecessor-version":[{"id":8166,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts\/8155\/revisions\/8166"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/media\/3082"}],"wp:attachment":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/media?parent=8155"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/categories?post=8155"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/tags?post=8155"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}