14 March 2020 - 39th GST Council Meeting Highlights
🌴Infosys Nilekani gave GST Network presentation to Council.
🌴Council ask Infosys to improve GST Network by July
🌴Decides to extend deadline for filing of GSTR9 & GSTR9C for FY18-19 till June 30, 2020,
🌴Filing to be mandatory for taxpayers over Rs 5cr of annual turnover
🌴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 Relief: Interest for delay in #GST payment will now be charged on net cash liability under Section 50, to be applicable from July 2017
🌴Council Cuts Aircraft MRO Tax to 5% from 18%.
🌴Rates for all types of match sticks which are machine and handmade have been rationalised for 12% now
🌴Mobile phones to be taxed at 18 percent (current rate 12 percent)