Mazars Tax Update | Edition 12.20

Indirect Tax News

Key highlights of decisions taken in 39^th GST Council Meeting dated 14^th March, 2020

• The implementation of new return system and e-invoicing has been postponed to 1^st October, 2020. Henceforth, GSTR-1, GSTR-3B and GSTR-2A shall continue till September 2020.

• Due date of filing GSTR-9 (Annual Return) and GSTR-9C (GST Audit Report) for the Financial Year 2018-19 has been extended to 30^th June, 2020.

• Mandatory annual return filing will be applicable where turnover exceeds 5 crores as compared to previous limit of 2 crores.

• Delayed filing of GSTR-9 and GSTR-9C for the Financial Year 2017-18 and 2018-19 for taxpayers with aggregate turnover less than 2 crores shall not result in levy of late fees.

• Interest on delayed payment of GST liability to be levied on net tax liability retrospectively from 1^st July, 2017.

• Amendments have been carried out in respect of GST rates on mobile phones and specified parts and maintenance, repair and overhaul (MRO) service pertaining to aircrafts.

• Processing of refund claims in bulk for the benefit of exporters.

• Exemption of IGST and Cess pertaining to imports made under AA/EPCG/EOU schemes to be continued till 31^st March, 2020.

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