Law & Procedure Changes Announced in 38th GST Council Meeting

GST Council 38th Meeting concludes on 18th December 2019 under the Chairmanship of the Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman. The meeting was also attended by Anurag Thakur (Union Minister of State for Finance & Corporate Affairs) and Finance Ministers of States & UTs and some senior officers of the Ministry of Finance.

In the 38th GST Council Meeting The 38th GST council meeting has been concluded with several major and minor changes in the GST rates as well as in the annual return filing due dates, penalty and ITC related provisions. Read More recommended the following changes:

• GRC which stands for Grievance Redressal Committees will now be constituted at Zonal/State level with CGST and SGST officers and including representatives of trade and industry and other GST stakeholders (GST practitioners and GSTN etc.). The GRC will also short out problems of the specific/ general nature of the Zonal/ State level taxpayers.
• Annual return due date CBIC again extended the due date of GSTR 9, 9A and 9C for FY 2017-18 till 31st January 2020 and FY 2018-19 till 31st march 2020. Read More in form GSTR-9 and reconciliation statement in form GSTR-9C for the financial year 2017-18 to be extended to January 31st, 2020.

Some steps would be taken to improve the filing of FORM GSTR-1:

• Retraction of a late fee to be given to taxpayers in respect of all pending GSTR 1 form from July 2017 to November 2019, if the same is filed by 10 January 2020.
• E-way bill for taxpayers who have not filed their form GSTR 1 for two tax periods shall be blocked.
• Input tax credit (ITC) to the recipient in respect of invoices or debit notes that are not reflected in his GSTR-2A form shall be restricted to 10% of the eligible credit available in respect of invoices or debit notes reflected in his form GSTR 2A CFind out the full procedure and functionalities of GSTR 2A form with the help of Gen GST software version 2.0. The process is showcased by a simple PDF format. Read More.
• To check the menace of fake invoices, suitable action to be taken for blocking of fraudulently availed input tax credit in certain situations.
• A Standard Operating Procedure for tax officers would be issued in respect of action to be taken in cases of non-filing of form GSTR 3B returns.
• Due date of filing GST return View the revised due dates of GST return filing forms of GSTR 1, GSTR 3B, GSTR 4, GSTR 5, GSTR 6, GSTR 9, etc. The dates are according to the Indian Government announcement. Read More for the month of November 2019 to be extended in respect of a few North Eastern States.

Additionally, Various law amendments that will be introduced in Budget 2020 are approved by the GST Council.

38th GST Council Meeting concluded with the announcement of some recommended changes in LAW and procedure. There is no update of the increment of GST slab rate Grab the information of revised GST slab rates on consumer products in India, Although the GST council finalized the slab rates like 5%, 12%, 18% and 28%. Read More on some essential products. Extended due date of filing GST returns is good news for taxpayers but if all the taxpayers who have not paid the pending taxes utilize this opportunity then it will also support the financial condition of the country.