Here are the final recommendations of the 39th GST Council meeting held today on 14.03.2020. These changes will be effective only after the issue of notifications. Check out the GST notifications page to read the implementation of these recommendations in due course of time.
Live 39th GST Council Meeting updates
The 39th GST Council meeting will be held on 14th March 2020 at Vigyan Bhawan, New Delhi. The Finance Minister Smt. Nirmala Sitharaman will chair & update the GST Council meetings recommendations to decide the future path of GST.
Since the last few months, the government has seen the steep in the monthly revenue collection. Thus, as discussed in the previous meeting the government is taking various steps to curb the GST revenue. Also, it raided many business houses, found various GST fraud cases like IGST refund scam, Input tax credit frauds, fake invoicing, etc. Thus, here are some of the possible expectations of this upcoming meeting.
Top Expectations from 39th GST Council meeting
GST Rates on mobile phones
The council may increase the GST Rates on mobile phones and its accessories from 12% to 18%. However, if this increase takes place than the cost of smartphones is going to increase.
GSTN Glitches and possibly solutions
The GSTN is dealing with its glitches from day one of its GST implementations. The council has taken various measures to reduce the load on the server so that the taxpayers can perform the activities smoothly. Similarly, the system is throwing such output error messages which are not understood by the common taxpayer.
GST E-Invoicing update
The CBIC issued a notification regarding the implementation of E-invoicing from 01.04.2020 vide 70/2019-Central Tax, dt. 13-12-2019. This is mandatory for those taxpayers whose aggregate turnover in a previous financial year more than 100 crore rupees.
New GST Return Filing implementation date
The government has not yet notified the New GST returns (GST RET 1/ RET 2/ RET 3) to be applicable from 01.04.2020. Thus, there are few chances that this date may get extended for a further period. If the council recommends extending the due date then the existing return filing i.e GSTR 3B and GSTR 1 needs to be notified.
Annual GST Return for FY 2018-19
The last date to file GSTR 9 and 9C for FY 2018-19 is 31st March 2020. Therefore, the council may update the status of future filing for these returns. Keep visiting the home page to check out the 39th GST council meeting update and decisions.
General Questions on GST Meetings
The total 38 meetings held till 12.03.2020.
14th March 2020
14th March 2020
