An Overview of 39th Meeting of the GST Council

• Where registrations have been cancelled till 14.03.2020, application for revocation of cancellation of registration can be filled up to 30.06.2020

• Deferment of E invoice and QR Code till 01.10.2020

• Deferment of e wallet Scheme till 31.03.2021

• Extension of the present exemptions from IGST and Cess on the imports made under the AA/EPCG/EOU schemes up to 31.03.2021

• The requirement of furnishing FORM GSTR 1 for 2019-20 to be waived for taxpayers who could not opt for availing the option of special composition scheme under notification No. 2/2019 Central Tax (Rate) dated 07.03.2019 by filing FORM CMP-02

• Extension of due dates for FORM GSTR 3B for the month of July, 2019 to January, 2020 till 24th March, 2020 for registered persons having principal place of business in the Union territory of Ladakh. Similar extension is also recommended for FORM GSTR 1 & FORM GSTR 7.

• Continuation of existing system of furnishing FORM GSTR 1 & FORM GSTR 3B till September, 2020

• No FORM GSTR 9C (Reconciliation Statement) for the financial year 2018-19 to be filed by taxpayers having aggregate turnover below Rs. 5 crores

• Due date for filing the Annual return and the Reconciliation Statement for financial year 2018 19 to be extended to 30.06.2020

• Late fees not to be levied for delayed filing of the Annual return and the Reconciliation Statement for financial year 2017-18 and 2018-19 for taxpayers with aggregate turnover less than Rs. 2 crores

• A new facility called ‘Know Your Supplier’ to be introduced so as to enable every registered person to have some basic information about the suppliers with whom they conduct or propose to conduct business.