38th GST Council Meeting
The 38th meeting of the GST council met under the chairmanship of the Minister of Finance and Corporate Affairs of the Smt.Nirmala Sitharaman Union on December 18, 2019. The Council recommended the following in relation to changes in the Law and Procedure in the meeting.
The meeting was also attended by the Minister of State for Finance and Corporate Affairs of the Union, Shri Anurag Thakur, in addition to the Finance Ministers of the United States and UT and senior officials of the Ministry of Finance. The GST Council recommended the following:
Highlights of the GST Council meeting
1. Expiration date of GSTR-9 and 9C extended
The due date for the annual declaration on the GSTR-9 FORM and the reconciliation declaration on the GSTR-9C FORM for the 2017-18 fiscal year will be extended to 01/31/2020. It was previously extended until December 31, 2019.
2. ITC restriction to 10% instead of 20%
The ITC (entry tax credit) for the recipient with respect to all such invoices or debit notes that are not reflected in GSTR-2A will be limited to 10 percent of the eligible credit available with respect to invoices or debit notes reflected in Your Form GSTR-2A. Previously it was declared at 20%.
3. Waiver of late charge
All taxpayers have been exempted from all taxpayers with respect to all pending GSTR-1s from July 2017 to date, that is, November 2019. The taxpayer must file those pending returns long before January 10, 2020 This is good news for those who have not submitted their very old GSTR-1 to date due to some reasons.
4. Electronic guide lock
The electronic invoice will be blocked for all taxpayers who have not submitted their periodic GSTR-1 during the two consecutive tax periods. This measure was a prevailing rule that has been declared even more in force.
5. The expiration date of GST returns for the northeastern states
The expiration date prescribed for the submission of GST statements for the month of November 2019 will be extended with respect to some northeastern states. This decision was made taking into account the political problems that are happening in the northeastern states.
6. A standard operating procedure for tax officials
The Standard Operating Procedure (SOP) will begin for tax officials regarding the measures that will be taken in case of non-periodic filing of GSTR-3B returns.
7. Complaints repair committees (GRC) will be established
(GRC) The Claims Claims Committees will be constituted at all zonal / state levels with CGST and SGST officials and will include representatives of commerce and industry. These committees will address complaints of a specific / general nature of taxpayers at the zone / state level