The Goods & Services Tax (GST) Council hiked the rate on mobile phones to 18 % from 12%.
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GST Council has postponed the proposal of hiking the rates on fertilizers & footwear due to Novel Corona Virus Pandemic & current economic slowdown.
GST Council also gave relief to domestic maintenance, repair and overhaul (MRO) service providers in its meeting on 14 March 2020. It has decided to bring parity with allowing 5 % GST with full input tax credit (ITC).
The Council also decided to extend the deadline for filing the GST9R & GSTR9C for FY18-19 till 30 June 2020. Filing will be mandatory for taxpayers over Rs 5 Crore of annual turnover, the report stated. While the earlier deadline was 31st March, the turnover limit was Rs 2 Crore.
Nandan Nilekani made a detailed presentation to the GST Council and proposed a roadmap towards overhauling of GST Network to address glitches. He assured the Council that all mishap will be sorted by January 2021, accommodating all proposed changes.
The GST Council has made the following recommendations in its 39th meeting
Interest for delay in payment of GST to be charged on the net cash tax liability.
Where registrations have been cancelled till 14th March 2020, application for revocation of cancellation of registration can be filled up to 30th June 2020.
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.
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.
The requirement of furnishing FORM GSTR-1 for 2019-20 to be waived for taxpayers who could not opt for availing the option of special composition scheme.
Extension of due dates for FORM GSTR-3B for the month of July, 2019 to January, 2020 till 24th March, 2020 for registered persons having principal place of business in the Union territory of Ladakh. Similar extension is also recommended for FORM GSTR-1 & FORM GSTR-7.
Extension of the time to finalize e-Wallet scheme and present exemptions from IGST & Cess on the imports made under the AA/EPCG/EOU schemes up to 31st March 2021.