Since the implementation of GST, every day there are new additions or changes in the process so that it can be simplified further. To add to this list, the GST council recommended few more changes in its 38th GST Council Meeting. The meeting was headed by Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman. Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur with Finance Ministers of States & UTs and senior officers of Ministry of Finance were also the part of this meeting.

In the 38th meeting, the GST council suggested a few changes whose highlights are listed below in the simplified language so that it can be easily understood –

1. The deadline for the annual return in FORM GSTR-9 and reconciliation statement in FORM GSTR-9C for the Financial Year 2017-18 has been extended to 31st January 2020.
2. The deadline for filing GST returns for November 2019 has been extended to 31st December 2019 in regard with few North-Eastern States.
3. To address the grievances of general or specific nature of taxpayers there will be Grievance Redressal Committees (GRC) constituted at the Zonal/State level. The Grievance Redressal Committees (GRC) will be including both CGST and SGST officers along with representatives from various sectors such as trade and industry, GST stakeholders, GST practitioners, GSTN, etc.
4. The previous GST rates on lottery schemes that were 12% tax on state-owned and 28% tax on state-authorised are altered to 28% tax on all lotteries from 1st March 2020. The decision took place after the voting and to levy 28% tax was concluded in the matter.
5. To improve the filing of FORM GSTR-1, the Council has decided to provide relief to the taxpayers by giving a waiver of late fee for the tax periods between July 2017 and November 2019, if filed by 10th January 2020. Moreover, E-way Bill of those taxpayers who have not filed their FORM GSTR-1 for more than two consecutive tax periods shall be blocked from generation.
6. Now, the recipient whose invoices and debit notes are not reflected in the Form GSTR-2A can only avail a restricted 10% of the eligible credit available for those whose invoices or debit notes are reflected in form GSTR-2A. Earlier the credit to be availed was 20%.
7. In the case of non-filing of FORM GSTR 3B returns, a Standard Operating Procedure for the benefit of tax officers would be is released about the actions to be taken in such a situation. It will be of great help in blocking or reversal of fake Input Tax Credit availed.
8. The GST Council has also assented to various law amendments to the GST law which will be introduced in Budget 2020 – 21.

All these changes will be made effective from the date as specified and through Gazette circulars/notifications which alone shall have the force of law.

For more updates on GST related amendments and other tax-related information, stay tuned!