GST Council extends annual return due date to Jan 31

By Newsmeter Network  Published on  19 Dec 2019 4:51 AM GMT
GST Council extends annual return due date to Jan 31

Hyderabad: The GST Council in its 38th meeting gave relief to taxpayers as it didn't hike rates, while extending the due date for annual return GSTR-9 to January 31, 2020. Along with this, the due date for GSTR-9C, reconciliation statement, has also been extended to January end. Further, the GST Council has fixed a uniform tax rate of 28 percent on both the state and private lottery revenues.

According to Revenue Secretary Ajay Bhushan Pandey, the 28 percent new rate for lottery will come into effect from March 2020. As many as 21 states voted in favour of the uniform tax rate.

The GST Council also waived the late fee for taxpayers over pending forms GSTR-1 from July 2017 to November 2019. However, the GSTR-1 form should be filed by January 10, 2020.

"e-Way bill for taxpayers, who have not filed their form GSTR-1 for two tax periods shall be blocked. Input tax credit to recipient of invoices or debit notes, which are not mentioned in GSTR-2A shall be restricted to 10 per cent of eligible credit available," said Pandey.

The Centre is keen on curbing fake invoices. If the GST officials find fake invoices, then they will block all the fraudulently availed input tax credit (ITC). GST Council also okayed several law amendments which will be introduced in Budget 2020.

The Council has provided few exemptions on long-term lease on industrial plots to facilitate entrepreneurs to set up industrial parks. The GST Council is taking several measures to plug revenue leakage, improving the efficiency of the GST system using technology and examine specific steps to augment revenue. The meeting also approved the rationalisation of the tax rate on woven and non-woven bags to 18 percent.

The GST Council had invited proposals and suggestions from the state governments on reviewing rates and ways to increase tax proceeds.

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