DECISIONS TAKEN IN GST COUNCIL MEETING - MAR 2020
1. New E-Return System has been postponed to 1st Oct 2020. Existing Scheme of returns (3B & GSTR-1) will continue till 30th Sep 2020. As a professional judgement, we expect it to be further delayed until 1st April 2021 as there is backlog in system changes. Infosys Chariman represented in today's meeting with step-by-step implmentation plan and proposing time till Jan 2021. But the council have asked Infosys to prepare the system before 31st July and so they can gear up for implementation from 1st Oct 2020.
2. E-Invoicing & QR-Code has been deferred to 1st Oct 2020. This iss anticipated to go in-line with new return system. Hence, We expected both to be implemented from 1st Oct 2020 or deferred to 1st April 2021 - sighting the backlog in system development by Infosys and also business situation due to corona, market fall and currency crisis.
3. Interest on delayed payment will be calculated on Net Tax Liability with retrospective effect from 1st July 2017. CAs Recommendation was accepted. There were many notices issued by department with interest calculated on gross tax liability , without deducting available ITC.
4. Extension of Due date for GSTR-9 and 9C for FY 2018-19 to 30th June 2020 (Earlier due date was 31st March 2020). But, still there is no clarity on changes in the forms. The forms need various revisions. Due date extension alone don't serve the purpose.
GSTR 9C is not applicable for turnover less than Rs.5 Crore. But still they need to file the GSTR-9, if the turnover is 2 Crores or more. So there is not reduction in workload on Business or Auditors. The Job remains the same. The Only certification risk is not involved for CAs.
For turnover less than 2 crore, the late fee for delayed filing of GSTR-9 is waived off and also the filing of Annual Return is optional.
5. Know Your Supplier - New facility to be introduced to enable taxpayers to have the basic details of the suppliers with whom they transact or propose to do business. The Detailed circular is expected from the government.
6. One time window to revoke the cancellation request - taxpayers who have filed cancellation request untill 14th March 2020 can file an application for revocation of cancellation of registration. The window to file revocation is available till 30th June 2020
7. Infosys Chairman to be present during next threee GST council meeting to discuss and update the progress in the system changes.
8. Time Limit for finalising E-Wallet scheme for consumers is extended till 31st March 2021.