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The next GST Council Meet is scheduled on 14th March 2020 and some of the decisions which the Council may take is as under –
a. Deferment of E-Invoicing under GST – The Council may defer GST E-Invoicing and QR Code benefits till 30th June 2020.
b. Current format of GST Returns may continue till September 2020 -The current format of GSTR 1 and GSTR 3B may continue till September 2020. (Earlier April 2020)
c. Interest on delayed filing of GSTR 3B -GST Council may provide clarity on payment of Interest on delayed filing of GSTR 3B (beyond due date). The Department is demanding Interest on Gross Liability at 18% on delayed payment of GST u/s 50 of the CGST Act, 2017.
e. Extension of due date for filing Annual Returns and GST Audit (GSTR 9 and GSTR 9C) – Same may be extended to 30th June 2020. Currently, the due date is March 31st, 2020.
f. Proposed GST Rate Changes for correction in Inverted Duty Structure – GST rate changes to be proposed for Mobile Phones, Textiles, Footwear and Fertilizer Industry.
The next GST Council Meet is scheduled on 14th March 2020 and some of the decisions which the Council may take is as under –
a. Deferment of E-Invoicing under GST – The Council may defer GST E-Invoicing and QR Code benefits till 30th June 2020.
b. Current format of GST Returns may continue till September 2020 -The current format of GSTR 1 and GSTR 3B may continue till September 2020. (Earlier April 2020)
c. Interest on delayed filing of GSTR 3B -GST Council may provide clarity on payment of Interest on delayed filing of GSTR 3B (beyond due date). The Department is demanding Interest on Gross Liability at 18% on delayed payment of GST u/s 50 of the CGST Act, 2017.
e. Extension of due date for filing Annual Returns and GST Audit (GSTR 9 and GSTR 9C) – Same may be extended to 30th June 2020. Currently, the due date is March 31st, 2020.
f. Proposed GST Rate Changes for correction in Inverted Duty Structure – GST rate changes to be proposed for Mobile Phones, Textiles, Footwear and Fertilizer Industry.
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