GST Council Meeting to be held on 14th March 2020, Expectations


GST Council Meeting to be held on 14th March 2020, Expectations

This Article discusses about various Expections and agenda of GST Council Meeting, to be held on 14th March 2020.

1. Deferment of E-Invoicing under GST

As per latest news sources, it has been confirmed that E-Invoicing under GST might be defered by 3 months and would be implemented with effect from 1st July 2020. Official news for the same will come in upcoming GST Council Meeting to be held on 14th March 2020.

Trial of E-Invoices was introduced from 1st January 2020 and it was to be made mandatory from 1st April 2020.

2. Discussion on Glitches faced by users at GST Portal

Glitches on the goods and services tax (GST) portal will be one of the agenda of the Council meeting on Saturday. Infosys Chairman Nandan Nilekani has been asked to make a presentation before the Council.

No response at peak hours, wrong computation of late fees for annual returns for FY18, and offline tool not available for GSTR9 are among a list of problems flagged in the letter.

With Due date of filing GST Annual Return and GST Audit for FY 18-19 approching nearby, and glitches still persiting in Offline tool, there is expectation of increasing the due date from current 31st March 2020.

Also the new returns have to be made effective from 1st April 2020. With these technical issues, there is a big qustion mark if the GST System is even ready for them or not.

GST Council Meeting to be held on 14th March 2020, Expectations
GST Council Meeting to be held on 14th March 2020, Expectations

3. States seek reslution of issue of delayed compensation

Compensation cess issue will be raised by the states, who are likely to ask for full compensation for the fiscal year, irrespective of collections and pitch for extension of compensation period. The Centre, meanwhile, is expected to clearly tell states that they will be compensated only as much as is collected in the cess fund, according to the law.

4. Interest Payable on GST output tax liability – Gross or Net

A clearcut decision should be made on letigative issue of Interest on delayed GST, i.e. payment of interest should be made on Gross or Net GST libility.

Disclaimer: The entire contents of this document have been prepared on the basis of relevant provisions and as per the information existing at the time of the preparation. Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, I assume no responsibility therefore. Users of this information are expected to refer to the relevant existing provisions of applicable Laws. The user of the information agrees that the information is not a professional advice and is subject to change without notice. I assume no responsibility for the consequences of use of such information. In no event shall I shall be liable for any direct, indirect, special or incidental damage resulting from, arising out of or in connection with the use of the information

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  1. Dear Madam, I am doing courier and cargo business since 2010, our business is 98% is credit business , all my customers are making their payments not less than 30days to 120 days. please help me how can we pay the gst on or before 22nd of every month. My request.1. while filing 3B returns by every taxpayer please ensure that all bills are paid by tax payer to their vendors.2. As you aware that, TDS deductions is applicable while make vendore payments and make the payment to Govt. The same rule will be applicable for GST payment too. This is easier to reconcile on monthly basis while filing the 3B returns. Please do the needful.