GST Updates
39th GST Council Meeting | GST Update
On 14th March 2020 GST Council held 39th GST Council meeting. in this meeting, the finance minister discusses some problems regarding GST and took some action on this. So lats go to points of 39th GST council meeting.
1. New GST Returns
The New GST returns and e-invoice which is applicable from 1st April 2020 now it will be applicable from 1st October 2020.
2. GST rates changes (WIth effect from 1st April 2020)
Mobile Phone: Now 18% earlier it was 12%
All types of Matches: 12% earlier it was 5% on handmade matches and 18% on others.
Aircraft Maintenance and repair: Now 5% earlier it was 18%
3. GSTR 9 and 9C
The Annual Return GSTR 9 and GSTR 9C due date has been extended to 30th June 2020.
4.Interest on late GST Payment
Interest on late payment of GST is now calculated on the basis of Net Tax Liability instead of Gross Tax Liability. This is retrospectively from 1st April 2017.
GSTR 9C is now optional for the taxpayers who have less than 5 Cr. turnover.
5.Turnover limits
The turnover limit is now Increases from Rs 2 Cr. to Rs 5 Cr. for the compulsory Annual Return filing which means turnovers up to Rs.5 Cr. GSTR 9C return is optional for the taxpayers.
Tags:
GST