Major Highlights of 38th GST council meeting


38th GST Council Meeting was held on 18th Dec 2019, the key highlights include:

  • Grievance redressal committees (GRC) will be constituted at the Zonal/State level to address grievances of the specific/general nature of taxpayers at the zonal/state level. 
  • Due date of annual return (GSTR 9) & reconciliation statement (GSTR 9C) for F-Y 2017-18 further extended to 31st January 2020.
  • No late fee is to be charged on delayed filing of Form GSTR 1 from July 2017 to November 2019 if the same is filed by 10th January 2020.
  • E-way bills for a taxpayer who have not filed their Form GSTR 1 for two tax periods will be blocked.
  • ITC to the recipient in respect of invoices or debit notes that are not reflected in his GSTR 2A shall be restricted to 10% of the eligible credit available.
  • Due date of filing returns for the month of November 2019 to be extended in respect of few North Eastern States.
  • GST exemption for the industrial land developers if the Government holds 20% or more share in the capital of the developer(earlier it was 50%). This change shall become effective from 1st January 2020. 
  • The single rate of GST @ 28% will be levied on both state-run and state-authorized lottery.
  • GST Rate of 18% will be levied on woven and non-woven bags and sacks of polyethylene or polypropylene strips or the like. This change shall become effective from 1st January 2020.


 

CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2Win.in. Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.