GSTPR_117 - Taxpublishers.in

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The Tax Publishers Press Release 14th March, 2020 Law and Procedure related changes in 39th GST Council Meeting The GST Council, in its 39th meeting held on 14-3-2020, has made the following recommendations: 1. Measures for Trade facilitation: (a) Interest for delay in payment of GST to be charged on the net cash tax liability w.e.f. 1-7-2017 (Law to be amended retrospectively). (b) Where registrations have been cancelled till 14-3-2020, application for revocation of cancellation of registration can be filled up to 30-6-2020 (extension of period of application as one-time measure to facilitate those who want to conduct business). (c) Annual Return: (i) Relaxation to MSMEs from furnishing of Reconciliation Statement in FORM GSTR-9C, for the financial year 2018-19, for taxpayers having aggregate turnover below Rs. 5 crores; (ii) Due date for filing the Annual return and the Reconciliation Statement for financial year 2018-19 to be extended to 30-6-2020; and (iii) Late fees not to be levied for delayed filing of the Annual return and the Reconciliation Statement for financial year 2017-18 and 2018-19 for taxpayers with aggregate turnover less than Rs. 2 crores. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

Press Release

14th March, 2020

Law and Procedure related changes in 39th GST Council Meeting

The GST Council, in its 39th meeting held on 14-3-2020, has made the following recommendations:

1. Measures for Trade facilitation:

(a) Interest for delay in payment of GST to be charged on the net cash tax liability w.e.f. 1-7-2017 (Law to be amended retrospectively).

(b) Where registrations have been cancelled till 14-3-2020, application for revocation of cancellation of registration can be filled up to 30-6-2020 (extension of period of application as one-time measure to facilitate those who want to conduct business).

(i) Relaxation to MSMEs from furnishing of Reconciliation Statement in FORM GSTR-9C, for the financial year 2018-19, for taxpayers having aggregate turnover below Rs. 5 crores;

(ii) Due date for filing the Annual return and the Reconciliation Statement for financial year 2018-19 to be extended to 30-6-2020; and

(iii) Late fees not to be levied for delayed filing of the Annual return and the Reconciliation Statement for financial year 2017-18 and 2018-19 for taxpayers with aggregate turnover less than Rs. 2 crores.