201912.19
0
0

Procedural Law & GST Rate Changes

38TH GST COUNCIL MEETING-18 DEC’19
The meeting had taken decisions towards procedural and law as well as rate changes.
PROCEDURAL AND LAW
1.Input tax credit,of invoices or debit notes which are not reflected in GSTR-2A, to be restricted to 10%. Earlier it was 20%.
2.Deadline for GSTR-9 and GSTR-9C return filing for 2017-18 extended to January 31, 2020 from December 31, 2019 earlier.
3.Waiver of late fees for GSTR-1 returns from July’17 to Nov’19 if filed by 10Jan,20.
4. Fake invoices will be checked by blocking the input tax credit.
5. Amendments in law to be made in budget.
GST RATE CHANGES
1.Exemption to long term lease on industrial plots to facilitate setting up of industrial parks provided it is of an entity having 20% or more ownership by Central or State Government. Previously, it was to be owned by 50%.
2. Land lease GST rates to be applicable from January 1, 2020.
3.Uniform rate of 18% for woven and non-woven bags and sacks of polyethylene or polypropylene strip, whether laminated or not, meant for packing of goods.
On going through such decisions it seems that finally first cycle of GST will complete with filing of GSTR-1 return in Jan,2020. It took more than 2 years for first cycle to complete with GSTR-1 filing.

Leave a Reply

Your email address will not be published. Required fields are marked *

Current day month ye@r *