5 Important decisions taken in 35th GST council meeting
by Agam Gupta 2.45K
The GST council meeting has taken 5 important decisions, which could impact almost every business in India. Hence, it is important for you to read this article and analyze the impact of these decisions on your business.
Let us discuss each of the decision in detail:
1. New 6% presumptive taxation scheme for service providers - extended
The GST presumptive scheme which was introduced for the eligible service providers in which they are required to pay GST @6% has been extended from 30th April, 2019 to 31st July, 2019.
To apply to this scheme, services providers need to file form GST CMP – 02.
2. Implementation of single GST return for all business
The government has decided to introduce single GST return for all business from January 2020 and in order to implement that return, GSTR 3B will be phased out soon in the following manner;
(i) GST returns for small taxpayers (with turnover up to Rs.5 crore)
|
Particulars |
July to Sept' 19 |
Oct to Dec' 19 |
|
GST ANX – 1 – Annexure for outward and inward supplies under reverse charge |
Optional and can be filed for trial basis |
Mandatory to be filed on Quarterly basis |
|
GSTR ANX - 2 – Annexure of inward supplies |
Optional |
View facility only |
|
GSTR 1 and 3 |
Mandatory filing as we do currently |
Phased out – Not required to be filed |
|
(NEW) PMT – 08 Payment of self assessment tax |
Not required |
Mandatory |
|
(NEW) GST RET – 01 – QUARTERLY RETURN |
Not required |
Mandatory (quarterly) |
(ii) GST returns for large taxpayers (with turnover more than Rs.5 crore)
|
Particulars |
July to Sept' 19 |
Oct to Dec' 19 |
|
GST ANX – 1 – Annexure for outward and inward supplies under reverse charge |
Optional and can be filed for trial basis |
Mandatory to be filed on monthly basis |
|
GSTR ANX - 2 – Annexure of inward supplies |
Optional |
View facility only |
|
GSTR 1 and 3 |
Mandatory filing as we do currently |
From December, 2019, it will not be required to be filed |
|
(NEW) PMT – 08 Payment of self-assessment tax |
Not required |
Mandatory |
|
(NEW) GST RET – 01 – QUARTERLY RETURN |
Not required |
Mandatory |
3. GST Annual return date extended
The council has extended due date for GSTR 9, GSTR 9A and reconciliation statement in GSTR 9C, has been extended till August 31, 2019. For more details, please read GSTR annual return date extended.
4. Extension to file form GST ITC – 04 in respect of goods sent to job worker
In order to provide relief, the due date for declaration in form GST ITC – 04, relating to the inputs and capital goods sent or received back from the job worker has been extended till August 31, 2019.
5. Introduction to e-invoicing system to be implemented from January, 2020
The issue of fake invoicing is actually a matter of concern for the government; hence, in order to root out this evil, the government has decided to introduce e-invoicing system in a phase-wise manner for B2B transactions.
Conclusion
GST is getting complicated day by day, so in order to get hold of it properly, hire our experts and outsource your GST compliance to us.