Goods & Services Tax (GST) in IndiaProcedural Law & GST Rate Changes

December 19, 20190
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Your email address will not be published.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 *

© 2020-21 AMLEGALS Law Firm in Ahmedabad, Mumbai, Kolkata, New Delhi, Bengaluru for IBC, GST, Arbitration, Contract, Due Diligence, Corporate Laws, IPR, White Collar Crime, Litigation & Startup Advisory, Legal Advisory.

 

Disclaimer & Confirmation As per the rules of the Bar Council of India, law firms are not permitted to solicit work and advertise. By clicking on the “I AGREE” button below, user acknowledges the following:
    • there has been no advertisements, personal communication, solicitation, invitation or inducement of any sort whatsoever from us or any of our members to solicit any work through this website;
    • user wishes to gain more information about AMLEGALS and its attorneys for his/her own information and use;
  • the information about us is provided to the user on his/her specific request and any information obtained or materials downloaded from this website is completely at their own volition and any transmission, receipt or use of this site does not create any lawyer-client relationship; and that
  • We are not responsible for any reliance that a user places on such information and shall not be liable for any loss or damage caused due to any inaccuracy in or exclusion of any information, or its interpretation thereof.
However, the user is advised to confirm the veracity of the same from independent and expert sources.