31st GST Council Meeting Updates dated 22.12.2018

Major Recommendations made during 31st Meeting of the GST council held on 22nd December, 2018 at New Delhi. The same would be given effect through relevant notifications/ circulars.

Changes in Due dates:

A) The due date for furnishing the annual returns in FORM GSTR-9, FORM GSTR- 9A and reconciliation statement in FORM GSTR-9C for the Financial Year 2017–18 shall be further extended till 30.06.2019.

B) ITC in relation to invoices issued by the supplier during FY 2017-18 may be availed by the recipient till the due date for furnishing of FORM GSTR-3B for the month of March, 2019, subject to specified conditions.

C) The due date for furnishing FORM GSTR-8 by e-commerce operators for the months of October, November and December, 2018 shall be extended till 31.01.2019.

D) The due date for submitting FORM GST ITC-04 for the period July 2017 to December 2018 shall be extended till 31.03.2019.

New GST Returns:

The new return filing system shall be introduced on a trial basis from 01.04.2019 and on mandatory basis from 01.07.2019.

Changes in GST Refund process:

A) All the supporting documents/invoices in relation to a claim for refund in FORM GST RFD-01A shall be uploaded electronically on the common portal at the time of filing of the refund application itself, thereby obviating the need for a taxpayer to physically visit a tax office for submission of a refund application.

B) The following types of refunds shall also be made available through FORM GST RFD-01A:

1. Refund on account of Assessment/Provisional Assessment/Appeal/Any Other Order;

2. Tax paid on an intra-State supply which is subsequently held to be inter- State supply and vice-versa;

3. Excess payment of Tax; and

4. Any other refund.

Waiver of Late fees:

Late fee shall be completely waived for all taxpayers in case of filing FORM GSTR-1, FORM GSTR-3B & FORM GSTR-4 for the months/quarters July, 2017 to September, 2018 after 22.12.2018 but on or before 31.03.2019.

Changes in Interest Levy:

Amendment of Section 50 of the CGST Act to provide that interest should be charged only on the net tax liability of the taxpayer, after taking into account the admissible input tax credit, i.e. interest would be leviable only on the amount payable through the electronic cash ledger.

Changes in GST Rates:

GST Rates has been reduced on major items. For example rates reduced on electrical items, vegetables, movie tickets etc.

Changes in E Way bill norms:

Taxpayers who have not filed the returns for two consecutive tax periods shall be restricted from generating e-way bills. This provision shall be made effective once GSTN/NIC make available the required functionality.

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