1. Due dates extended for GSTR-9 and GSTR-9C for FY 2017-18 till 31 January 2020
The due date of GSTR-9 and GSTR-9C is extended from December 31, 2019 to 31 January 2020. This was done to allow more time for taxpayers to use the GSTR-9C’s offline tool. Available 21 December 2019.
2. Provisional ITC claim in GSTR-3B further restricted:
The amount of ITC received on an provisional basis limited to 10% from the previous 20%, where invoice or debit notes are not reflected in GSTR-2A. Therefore, invoice matching needs to be done frequently and vendor communication becomes challenging.
3. Late fee waiver on GSTR-1 through amnesty scheme:
Waiver of late fee for GSTR-1 for tax periods between Jul 17 and Nov 19, if filed by 10 January 2020. If the taxpayer does not still file for more than two consecutive tax periods, then e-way bills of such taxpayer will be blocked from generation.
4. Standard Operating Procedure (SOP) in case of non filing of GSTR-3B defined for taxman:
If filed by Jan. 10, 2020, waive the late fee for GSTR-1 for tax periods from July 17 to November 19. If the taxpayer does not file for more than two consecutive tax periods, such a taxpayer’s power line is blocked from the generation.
5. Due dates for GST returns extended for certain category of taxpayers
The deadline for GST returns for some Northeast states (November 2019) will be extended to 31 December 2019.
6. The GST Council decided to levy 28% tax on all lotteries
– Opts for voting to conclude the matter
– Date of applicability is 1 March 2020
– Prior, GST rates on lottery schemes were as follows:
1. State-owned – 12%
2. State-authorised – 28%
7. GST Rate rationalised to remove inverted tax structure
The GST Council imposes a uniform rate of 12% from the previous 12% on bags belonging to HSN Code 3923/6305, effective January 1, 2020 (a type of woven and non-woven bags and sacks of polyethylene or polypropylene strips used for packing materials, including FIBC). This effectively eliminates the reverse line structure.
8. GST exemption for the industrial land developers:
Delivery should be a long-term lease of an industrial or financial infrastructure conspiracy. The federal or state government holds 20% or more of the developer’s capital at least 50% from the previous share. Exemption to apply from 1 January 2020.
9. Other Decisions:
Amendments to the GST Act to be taken in the Federal Budget 2020-21. There are many thoughts on GST revenue maximization. Regional / State Level Grievance Committees (GRCs) will be set up to address the grievances of the taxpayer-specific / public nature.