Here below are the highlights:

• Explication of GSTR-1 and GSTR-3B
• Prolongation of e-invoicing with its QR code
• Changes in Rates
• Extension of Due Date of Annual Returns
• Remission for threshold limit
• Interest charges on delayed payment
• Refund
• KYS (Know Your Supplier) Scheme

These are the highlights of the 39th Council Meeting, elaborating on each highlight clearly.

Explication of GSTR-1 and GSTR-3B

The meeting concluded to maintain the current filing system of GSTR-3B and GSTR-1 until September 2020 due to complications and issues with the new GST return forms. Therefore, the new system will be applicable from the third quarter of the financial year 2020-21, while the existing filing system will continue for the first and second quarters of the financial year 2020-21.

Prolongation of e-invoicing with its QR Code

The implementation of e-invoicing and QR Code has been postponed until 1 December 2020.

Changes in Rates

• Previously, the GST rates on mobile phones and their parts were 12%; now they have been increased to 18%. The dispute in the duty structure led to this action.
• To address classification issues, the members decided to rationalize the GST rate for all types of matches (both handmade and non-handmade) to 12%. The classification issues were debated in the 37th meeting and are still pending.

Extension of Due Date of Annual Returns

The last filing date of GSTR-9 and GSTR-9C for the financial year 2018-19 has been extended to 20th June 2020, which was previously set for 31st March 2020.

Remission for Threshold Limit

For the financial year 2018-19, there was a remission for filing GSTR-9C for taxpayers with a turnover below ₹5 crores. This limit has now been reduced to ₹2 crores. Currently, most MSMEs can be exempted from the audit statement.

Interest Charges on Delayed Payment

The interest for delayed GST payments will now be calculated on the net tax liability. This change will take effect on 1st July 2017.

Refund

If the payment of tax exceeds the required amount, it is valid for the individual or company to receive a refund in cash or credit.

KYS (Know Your Supplier) Scheme

KYS (Know Your Supplier) is the new scheme which has been proposed to let the tax payer access the basic information of suppliers along with the loss of ITC which can be avoided. To skip from the tax evade the GST Council Members have debated on several things to invigorate the taxation system. Still the meeting is been the eye candy for people because the major agenda was the addressing the taxpayers.

39th GST council meet for major updates- according to govt.
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