GST Council Meeting Highlights, Updates – GSTR 9 & 9c Extended Deadlines

Milestones/Highlights for the 38th (latest) GST Council

1. Extended deadline of the GSTR-9 and GSTR-9C for fiscal year 2017-18 is January 31, 2020

The deadline of the GSTR-9 and GSTR-9C extends to January 31, 2020, from the previous date on December 31, 2019. Time has been provided to give taxpayers more time to use the offline tool of GSTR line -9C launched on December 21, 2019.

2. Temporary ITC Claim in GSTR-3B further constrained in 38th GST Council Meeting

The amount of ITC available temporarily is limited to 10% from the previous 20%, as invoices or debit notes are not reflected in the GSTR-2A. Therefore, invoices must be settled recursively and communication with the supplier becomes a challenge.

3. Late fees exemption in GSTR-1 by Amnesty Scheme in the latest GST Council Meeting

Exemption from late payment fees for the GSTR-1 for tax periods between July 17 and November 19 was discussed in the latest GST council meeting and if it is filed before January 10, 2020, the late fee will be waived off. If the taxpayer has not yet submitted for more than two consecutive tax periods, their e-bill will be obstructed for generation.

4. Standard Operating Procedures (SOP) if GSTR-3B is not filled specified for taxpayers

The SOP will be posted to tax officials on actions taken for not filing the GSTR-3B. This will help prevent or reverse the counterfeit ITC availed.