What To Expect From Upcoming GST Council Meeting
The GST Council meets are held whenever GoI decides to make wholesale changes in the GST regime. The Council meets once in 2 months as of now. There have been held 39 GST Council Meets till now. The upcoming GST Council Meet is scheduled to be held on 14th June 2020. Every GST course aspirant should keep a tab on these meetings for crisp and authentic information regarding the GST rate and other updates. It is imperative for anyone looking to undergo GST training from a decent GST training institute to know the ins and outs of GST regime updates.
Read on to know what is to be expected from the 40th GST Council Meeting, which will prove beneficial in any kind of GST course or GST training.
But first things first. Let us take a brief look at what the last, i.e. the 39th GST Council Meeting had in store for us.
Highlights of 39th GST Council Meeting
- ‘Know your supplier’ scheme got approval.
- Aircraft MRO tax fell from 18% to 5%.
- Match sticks GST rates now set at 12% in the case of both machine and handmade ones.
- Interest payment to be levied with every upcoming cash liability under Section 50, to be applicable starting from July 2017.
- GSTR-1 filing dates now fixed to be before the 10th of every month for companies with a turnover of more than Rs 1.5 cr and before the 13th of every month for companies with a turnover of less than Rs 1.5 cr.
- GSTR-2A reconciliation now set for the 14th of every month.
- GSTR-1 is no more optional for B2B supplies, exports & amendments businesses.
- B2C & non-filers of GSTR-3B got an exemption from filing the GSTR-1.
- GSTR -1, GSTR-2A, and GSTR-3B filing dates have been extended to September 2020.
- Council extended the due date of GSTR 9 and GSTR 9C to 30th June 2020 from 31st March 2020 for 2018-19 fiscal.
- Annual return filing turnover limit has been increased from 2 crores to 5 crores.
- For those taxpayers opting for a 5% output, ITC blockage may be revoked.
- Mobile phones saw increased GST rates from 12% to 18%.
- GST Rate Rationalization got deferred to the next GST council meeting.
What to expect from 40th GST Council Meeting
Discussion on the revoking of late fee for August 2017 to January 2020 period
The relaxation of GST late fee the period August 2017- January 2020 will be up for discussion as per the Central Board of Indirect Taxes and Customs (CBIC).
GoI has taken note of the public discussion on the “waiver of the late fee applicable to non-filing of GSTR 3B returns.
The industry demands are to waive off the late fee in case of the returns which were required to be filed from the beginning of the GST regime in August 2017″ till the period of January 2020.
In light of COVID-19, Finance Minister Nirmala Sitharaman has informed about the extension of GST returns of February 2020, March 2020, April 2020, and May 2020 till June 2020.
Induction of demand in the Indian economy
The government is yet to consider monetization of its fiscal deficit as per the official sources. The government provides a larger economic stimulus this way, printing more currency to finance spending.
There are indications that an additional cess will be imposed on certain non-essential goods to increase tax revenue. Tax revenue has taken severe a hit because of the lockdown.
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DISCLAIMER: The content created above is for the readers' knowledge and information only. Before acting on any of the aforementioned article's points, it is advised to get expert advice.