Saturday, March 14, 2020

Extend GSTR 9 and 9C Return filing date for F.Y 2018-19, 30 June 2020 - GST NEWS

                           39th GST Council Meeting 14 March 2020

https://latestgstnews.blogspot.com/


1.  The GST council meeting has extended the deadline for filing the GST9R and GSTR9C for F.Y18-19 till 30 June 2020. 

2.Late fees not to be levied for the delayed filing of the annual return & reconciliation statement for 2017-18 & 2018-19 for taxpayers with aggregate turnover less than Rs 2 crore.

3. Taxpayers with over Rs 5 crore annual turnovers will have to file for GST mandatorily. Earlier, the turnover limit was Rs 2 crores. 


4. Increase the GST rate on mobile phones, specified parts to 18% from the existing 12%.


5. GST on MRO (maintenance repair overhaul) services of aircraft slashed to 5% from 18%.


6. GST on handmade, machine-made matchsticks rationalised to 12%.


7. The GST Council will continue with GSTR-1, GSTR-2A and GSTR-3B till September 2020 and defer the new GST return system till such time.


8.The GST Council may remove the blocking of the Input Tax Credit (ITC) for the taxpayers who opt for lower rate of 5% as output GST


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