Page 45 - GSTL_26th March 2020_Vol 34_Part 4

2020 ] NEWS DESK J141
[This note presents the decision of the GST Council in simple language for easy
understanding which would be given effect to through Gazette notifications/circulars
which shall have force of law.]
[Based on Press Information Bureau, New Delhi, dated 14-3-2020]

GST Law & procedure — Changes recommended by GST
Council
The 39th GST Council met under the Chairmanship of Union Finance &
Corporate Affairs Minister Smt. Nirmala Sitharaman at New Delhi on 14-3-2020.
The meeting was also attended by Union Minister of State for Finance & Corpo-
rate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and
senior officers of the Ministry of Finance.
The GST Council has made the following recommendations on Law &
Procedures changes.
(1) Measures for Trade facilitation :
(a) Interest for delay in payment of GST to be charged on the net
cash tax liability w.e.f. 1-7-2017 (Law to be amended retro-
spectively).
(b) Where registrations have been cancelled till 14-3-2020, appli-
cation for revocation of cancellation of registration can be
filled up to 30-6-2020 (extension of period of application as
one-time measure to facilitate those who want to conduct
business).
(c) Annual Return :
(i) Relaxation to MSMEs from furnishing of Reconcilia-
tion Statement in FORM GSTR-9C, for the financial
year 2018-19, for taxpayers having aggregate turno-
ver below ` 5 crores;
(ii) Due date for filing the Annual return and the Recon-
ciliation Statement for financial year 2018-19 to be ex-
tended to 30-6-2020; and
(iii) 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 ` 2 crores.
(d) A new facility called ‘Know Your Supplier’ to be introduced
so as to enable every registered person to have some basic in-
formation about the suppliers with whom they conduct or
propose to conduct business.
(e) 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-C.T. (Rate), dated 7-3-2019 by filing FORM CMP-02.
(f) A special procedure is being prescribed for registered per-
sons who are corporate debtors under the provisions of the
Insolvency and Bankruptcy Code, 2016 and are undergoing
GST LAW TIMES  26th March 2020  141