Goods and Services Tax – GST Dated:- 14-3-2020 – News – The 39 th GST Council met under the Chairmanship of Union Finance Corporate Affairs Minister Smt Nirmala Sitharaman here today . The meeting was also attended by Union Minister of State for Finance Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States UTs and seniors officers of the Ministry of Finance. The GST Council has made the following recommendations on Law Procedures changes. Measures for Trade facilitation: Interest for delay in payment of GST to be charged on the net cash tax liability w.e.f. 01.07.2017 (Law to be amended retrospectively). Where registrations have been cancelled till 14.03.2020, application for revocation of cancellation of registration can be filled up to 30.06.2020 (extension of period of application as one-time measure to facilitate those who w
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t for availing the option of special composition scheme under notification No. 2/2019-Central Tax (Rate) dated 07.03.2019 by filing FORM CMP-02. A special procedure is being prescribed for registered persons who are corporate debtors under the provisions of the Insolvency and Bankruptcy Code, 2016 and are undergoing the corporate insolvency resolution process, so as to enable them to comply with the provisions of GST Laws during the CIRP period. Extension of due dates for FORM GSTR-3B for the month of July, 2019 to January, 2020 till 24 th 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 . Bunching of refund claims allowed across financial years to facilitate exporters. Deferment of E-invoice and QR Code : Certain class of regi
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of new GST registrations, before physical verification of premises and Financial KYC of the registered person. Issuance of circulars in respect of: Clarification in apportionment of ITC in cases of business reorganization under section 18 (3) of CGST Act read with rule 41(1) of CGST Rules ; Appeals during non-constitution of the Appellate Tribunal; Clarification on refund related issues; and Clarification on special procedure for registered persons who are corporate debtors under the provisions of the Insolvency and Bankruptcy Code, 2016 , undergoing the corporate insolvency resolution process. Amendments to the CGST Rules : Key amendments are as below: Procedure for reversal of input tax credit in respect of capital goods partly used for affecting taxable supplies and partly for exempt supplies under rule 4
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