38th GST Council Meeting Expectations : News and Updates

The GST council is scheduled to meet on Wednesday i.e. 18th December 2019 to take stock of the developments pertaining to the indirect tax regime.

Some of the decisions which may be taken by the council are given below:

1. GST Council is likely to extend due date for filing the GSTR-9 & GSTR-9C for FY2017-18 till 31st Jan’2020.” The due date for GSTR9 & 9C is 31 Dec, 2019.
2. The Council will likely to allow tax authorities to block fake credits & reverse the past fake claims to the govt. Already 25 states have adopted this strategy to plug fake invoices and fake credit and claims
3. The Government may restrict claiming of ITC of not more than 10% in case of seller not uploading invoices. Currently, Rule 36(4) allows a claim upto 20%.
4. It may also allow blocking of E-WAY Bill for taxpayers with two-consecutive non-filing of GSTR1 & GSTR3B
5. Some immediate measures to augment revenue collections, like allowing taxpayers to file GSTR1 due from July’17-Nov’2019 without penalty provided the return is filed till 10 Jan’2020 will be decided upon in tomorrows GST Council Meeting.
6. Also the council may bring in one time amnesty scheme to waive late fees/ penalty for filing of GSTR 1 due from July 2017 till Nov 2019
7. The Council may decide upon hiking GST rate of 5% to 6%.

38th GST Council Meeting Expectations News and Updates

Source : CNBC TV 18 News

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Tags : GST, GST Annual Return, GSTR-9, GSTR-9C, News, Rule 36(4), E-WAY Bill, GST Council Meeting Updates