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.
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.
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