Recommendations of GST council related to law & procedure
GST
Dated:- 14-3-2020
The 39th 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 want to conduct business).
* Annual Return:
* Relaxation to MSMEs from furnish
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ered 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 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.
* Bunching of refund claims allowed across financial years to facilitate exporters.
* Deferment of E-invoice and QR Code:
* Certain class of registered persons (insurance company, banking company, financial institution, non-banking financial institution, GTA, passenger transportation service etc.) to be exempted from issuing e-invoices or capturing dynamic QR code; and
* The dates for implementation of e-invoicing and QR Code to be extended to 01.10.2020.
* D
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orate 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 43 (1) (c);
* ceiling to be fixed for the value of the export supply for the purpose of calculation of refund on zero rated supplies;
* to allow for refund to be sanctioned in both cash and credit in case of excess payment of tax;
* to provide for recovery of refund on export of goods where export proceeds are not realized within the time prescribed under FEMA; and
* to operationalize Aadhaar authentication for new taxpayers.
* Certain amendments to be carried out in the GST laws.
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Note: The recommendations of the GST Council have been presented in this release in simple language for information of all stakeholders.
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