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

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On the 18^th December 2019, 38^th 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.

[pdf-embedder url=”//www.taxontips.com/wp-content/uploads/2019/12/PRESS_RELEASE_38.pdf”]

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