The awaited recommendation of GST council published on 14 Mar 2020 7:36 Pm by PIB Delhi.
With impact of Corona on Business and Traded across the world In India business expecting some relaxation in proposed rules and law in GST like #E-invoicing #NewGSTReturn #QrCodeonInvoice. Below are some major highlights of Recommendation.
Measures for Trade facilitation:
a. Interest for delay in payment of GST to be charged on the net cash tax liability w.e.f. 01.07.2017 (Law to be amended retrospectively).
b. Where registrations have been cancelled till 14.03.2020, application for revocation of cancellation of registration can be filled up to 30.06.2020 (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 30.06.2020; 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.
d. The requirement of furnishing FORM GSTR-1 for 2019-20 to be waived for taxpayers who could not opt for availing the option of special composition scheme under notification No. 2/2019-Central Tax (Rate) dated 07.03.2019 by filing FORM CMP-02.
2. Deferment of E-invoice and QR Code:
a. Certain class of registered persons (insurance company, banking company, financial institution, non-banking financial institution, GTA, passenger transportation service etc.) to be exempted from issuing e-invoices or capturing dynamic QR code; and
b. The dates for implementation of e-invoicing and QR Code to be extended to 01.10.2020.
3.Continuation of existing system of furnishing FORM GSTR-1 & FORM GSTR-3B till September, 2020;
Note : The above points are some major recommendation specific to few industry for details of this recommendation go through attach JPEG Files.
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