Wednesday, December 18, 2019

Extends GSTR 9 and 9C Return filing date for F.Y 2017-18, 31 January 2020 - GST NEWS

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Extends GSTR 9 and 9C Return filing date for F.Y 2017-18, 31 January 2020



Deadline for GSTR 9 and GSTR 9C return filing for 2017-18 extended to January 31, 2020 from December 31, 2019 earlier.


GST Council exempts long term lease on industrial plots to facilitate setting up of industrial parks.

Land lease GST rates to be applicable from January 1, 2020.

Presentation made before the Council on augmentation of revenue but nothing related to rate hike was part of the presentation. Data on revenue to be studied before taking any decision.

Penalty for non-filing of GSTR-1 from July 2017 relaxed.

Uniform rate of 18% for woven and non-woven bags.
Input tax credit to be restricted to 10 per cent from 20 earlier if invoices not uploaded.

The Council will also take up the matter of revenue augmentation. The Council is unlikely to go for a rate hike or a major rejig at the moment. Finance minister Nirmala Sitharaman has, on multiple occasions, dismissed reports of a possible rate hike owing to slowing collections. Even states are not in favour of a rate hike at the moment.

The Centre has set a target of Rs 1.10 lakh crore a month for the remaining four months of the current fiscal.

The government had cleared the pending GST compensation to the tune of RS 35,298 crore just a few days before the Council meeting. A number of states, especially the opposition-ruled ones, had raised the issue of pending GST compensation for the months of August-September. The Centre is yest to clear the compensation for the months of October-November.

The GST Council meeting is taking place in the backdrop of falling collections for the current fiscal. In a reply in Lok Sabha, MoS Finance Anurag Thakur said that the GST collection for the period April-November fell 40 per cent. The actual CGST collection during April-November stood at Rs 3,28,365 crore while the budgeted estimate is of Rs 5,26,000 crore for these months.

Source:- economictimes

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