Ten Key Highlights of the 39th GST Council Meeting
1. E-invoicing and QR code applicability deferred to 1st October 2020.
2. Present returns in GSTR-1 & FORM GSTR-3B to continue till September, 2020. New Returns likely from 1st October 2020.
3. New Simplified GST Returns – Nandan Nilekani suggests a roadmap extending to over a year till January, 2021. However, Council suggested milestones be met by July, 2020. Some changes expected in the new returns process.
4. For businesses with turnover less than 5 crores aggregate turnover filing of GSTR-9C for FY 2018-19 to be waived off.
5. Due date for filing GSTR-9 annual return and GSTR-9C reconciliation statement for FY 2018-19 will be extended to June 30, 2020.
6. For those with less than Rs 2 crore aggregate turnover in FY 2017-18 and FY 2018-19, no late fee to be charged for delayed filing of GSTR-9.
7. A new ‘know your supplier’ to be introduced so that every business can get detailed information on every supplier.
8. Interest for delay in payment of GST to be calculated on net GST liability, effective 1st July 2017. (retrospective change to be made in GST law).
9. GSTR-1 for 2019-20 to be waived for certain taxpayers who could not opt for the special composition scheme by filing FORM CMP-02.
10. Nandan Nilekani to be present at the next 3 Council meetings and make a presentation on the progress made.
11. More time for finalising the e-Wallet scheme up to 31.03.2021