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GST Council Meeting: Due date for goods and service tax return filing extended; Key points that businessmen need to remember
GST Council Meeting: The due date for filing of Form GSTR – 9 and GSTR – 9C for FY 2017-18 extended to 31st Jan 2020.
GST Council Meeting: The most awaited need of trade and industry has been addressed in the 38th GST Council Meeting by setting up the “Grievance Redressal Committee” (GRC) at the Zone and State Level with members from the CGST and SGST along with members from the trade industry. This would definitely reduce the pain points the industry is facing. Apart from this, the due date for filing of Form GSTR – 9 and GSTR – 9C for FY 2017-18 extended to 31st Jan 2020.
Mallikarjun Gupta - Chief Taxologist, Logo Infosoft (Vyapari) said, "It is logical to extend the due dates for the filing of GST Annual Returns and GST Audit Report as the recent changes announced for simplified filing is enabled on the GSTN portal a few days back. This date should not be extended further as the professionals and taxpayers will lose interest in the filing of the same," adding, "It is a very bold and welcome move taken by the GST Council of not increasing the tax rate to mop up the GST Collections or introduce new cess for the same. Instead, the council has decided to improve the enforcement and anti-evasion measures. The rollout of e-invoice is in that direction and would definitely reduce the revenue leakages in the system. Increasing tax rates or new cess would have had adverse effects on the economy."
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Here are the key points that Indian businessmen need to remember:
1] Grievance Redressal Committee to be set up at State or Zonal level with representation from Department officers and members from Trade and Industry;
2] Input tax credit restriction has been reduced to 10% from 20% in the case of invoices and debit notes not reflected in GSTR – 2A;
3] Due Date for filing of GSTR Returns for North East to be extended for Nov 2019;
4] Lotteries to be taxed at 28% on both State Run and authorized by the State;
5] GST to be exempted on long term lease on industrial plots industrial/ financial infrastructure plots by an entity having 20% or more ownership of Central or State Government. Presently, the exemption is available to an entity having 50% or more ownership of the Central or the State Government; and
6] GST Rate of 18% is decided on Woven and Non-Woven Bags and sacks of polyethylene or polypropylene strips or the like, whether or not laminated, of a kind used for the packing of goods having HSN Code 3923/6305.
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