The 39th GST Council meeting has been concluded on 14th March 2020 in New Delhi in the chairmanship of Union finance minister Nirmala Sitharaman and other panel ministers.
The GST Council has taken some of the firm decisions based on the requirement of the market. Also, the Infosys which is the main developer of the GSTN portal has required some more time to finally clear all the issues on the IT portal.
And the council also extended the GSTR 9 and GSTR 9C due dates
For complete details on the 39th GST council meeting, check out below latest updates list:
All Updates of 39th GST Council Meeting
- Know your supplier scheme approved by the council
- Aircraft MRO tax
View the GST impact on aviation sector in India. The industry raises the complaint that aeroplane ticket prices increased after new tax regime. Read more deducted from 18% to 5% - Match sticks GST rates both machine and handmade now rationalized for 12%
- Being late in GST payment interest payment to be charged with every upcoming cash liability under Section 50, to be applicable starting from July 2017
- GSTR-1 filing dates now – Before 10th for turnover greater than Rs 1.5 cr and Before 13th for turnover lesser than Rs 1.5 cr. GSTR-2A reconciliation now fixed for 14th of every month
- GSTR-1 now compulsory for performing B2B supplies, exports & amendments while the B2C & non-filers of GSTR-3B now exempted from filing the GSTR-1
- GSTR -1, GSTR-2A and GSTR-3B filing extended till September 2020
- Big Relief for Taxpayers – GST council extends the due date GSTR 9 and GSTR 9C till 30th June 2020 from 31st March 2020 for the FY 2018-19. Also, the annual return filing turnover limit extended to 5 crores from 2 crores
- ITC blockage may be removed for taxpayers opting 5% output GST by council
- GST rate on mobile phones
Check out the GST rate on mobile phones, chargers and its accessories along with HSN code in India. The mobile phone HSN code is 8517 along with 12% GST rate. Read more has increased to 18% from 12% with total ITC claim; Service providers of maintenance, repair, and operations are given relief - Rate rationalization under GST postponed to the next GST council meeting to be held in April 2020
- Delhi FM Manish Sisodiya demands discussion from the council members on the possible economic crisis from Coronavirus
- Infosys presents a complete plan for phase-wise implementation in coming one year
- Finance Minister likely to discuss the states’ compensation issue in the next 40th GST council meeting
- Infosys states a one-year time frame to resolve GST portal & IT network issues and Sushil Kumar Modi details the IT issues via presentation
- 39th GST Council meeting started with the union finance minister and Finance Ministers of States & UTs
All details are given from the authentic sources
Many of the states and center revenue departments are watching over declining GST collection as short as 30 thousand crores. The states may also not get the asked compensation as discussed earlier with the center due to the shortfall this time.
While the central government is mulling the point that the compensation would be given through the cess. Also, it is expected that the central government will be pushing the hike in the GST rate so that the compensation can be divided evenly into the states.
It is to be what the decision would be finalized in the upcoming 39th GST council meeting.