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38th GST council meeting: ITC credit reduced, annual return due date extended and much more:

GST expert by GST expert
December 19, 2019 - Updated on March 26, 2020
in GST news
4
38th GST council meeting: ITC credit reduced, annual return due date extended and much more:
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On the 18th December 2019, 38th GST council meeting was held wherein various decisions were taken. In this post we are going to discuss all the points in brief:

  • Grievance redressal committee will be formed at the zonal and state level
  • Due date for Form 9/9C extended to 31.01.2020.
  • Waiver of Late filing fee for GSTR 1 from 01.07.2017 to November 2019 if all return filed till 10.01.2020.
  • No E-will facility for tax payers who haven’t filed their GSTR 1 for past 2 tax periods.
  • Input tax credit for invoices and debit notes that are not available in GSTR 2A has been restricted to 10% of eligible credit. Earlier this year i.e. before 2 months the same was reduced to 20% and now the same has been further reduced to 10%. In future there will occur a scenario where they will say you will only get credit of ITC which is available in 2A irrespective of invoices and that is when invoices would no longer be required.
  • Due date for GST return for North eastern states have been extended.

Rate Changes:

  • Single rate of 28% GST for state owned and state authorized lottery effective from 01.03.2020.
  • All woven, non – woven bags falling under HSN 3923/6305 including Flexible intermediate Bulk containers (FIBC) to be taxed at 18% from 12% effective from 01.01.2020.
PRESS_RELEASE_38

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Tags: 38th GST council meetingNEw update in GST
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Comments 4

  1. Pingback: Input Tax credit limit restricted to the ITC available in GSTR 2A from earlier additional ITC of 5% over and above ITC in GSTR 2A - Taxontips
  2. Pingback: GSTR 2B is now available for August 2020 - Taxontips
  3. Pingback: GSTR 2B is live on GST website | What is GSTR 2B? How different is it from GSTR 2A? - Taxontips
  4. Pingback: GST Impact on Textile Industry and increase in GST ra - Taxontips

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