Key Updates in Goods & Services (GST) Tax – 38th GST Council meeting
Extension of Due date for filing GSTR 9 & 9C for FY 2017-18
Central Government has released a press note on 18.12.2019 to extend the Due date for filing of GSTR 9 (Annual Return) and GSTR 9C (Reconciliation statement) for the financial year 2017-18 to 31.01.2020.
Earlier the due date for filing of GSTR 9 and 9C for the FY 2017-18 was 31.12.2019. It should be noted that as of now the due date for filing of GSTR 9 and 9C for the FY 2018-19 is 31.03.2020.
Provisional ITC further restricted to 10%
Input tax credit to the recipient in respect of invoices or debit notes that are not reflected in his FORM GSTR-2A shall be restricted to 10 percent of the eligible credit available in respect of invoices or debit notes reflected in his FORM GSTR-2A.
Reduction from 20% to 10% of un-reflected invoices or debit notes, tightens the pro-activeness towards compliance both on part of seller and buyer.
Changes in GST Rates
- GST Rate @ 28% on Lottery;
- GST rate on Woven and Non-Woven Bags and sacks of polyethylene (HS code 3923/6305) increased to 18% from 12%.
Waiver of late fee in case of FORM GSTR-1
It is proposed to waive late fees for FORM GSTR-1 for period(s) July 2017 to November 2019 if the same are filed by 10th January, 2020.
Blocking of E-Way bill on account of non-filing of Form GSTR-1
E-way Bill shall be blocked for taxpayers who have not filed their FORM GSTR-1 for two consecutive tax periods / consecutive months.
Standard Operating Procedure for tax officers for non-filing of Form GSTR-3B return
A Standard Operating Procedure for tax officers would be issued in respect of action to be taken in cases of non-filing of FORM GSTR 3B returns.
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Last Updated: 21st December 2019
This article is contributed by:
Vaibhav Matta
Assistant Director, Taxation