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39th GST Council Meeting Key Highlights - GST Station

39th GST Council Meeting Key Highlights

39th GST Council Meeting Key Highlights

39th GST COUNCIL MEETING UPDATES:

  • The GST Council defers the proposal on the taxability of economic surplus of brand owners of alcohol for human consumption.
  • Important announcement: GSTR-9 and 9C due date pushed to 30th June 2020 for FY 2018-19 from 31 March 2020; Increases the turnover limit from Rs 2 cr to Rs 5 cr for the mandatory annual return filing.
  • The GST rate on mobile phones will be increased from 12% to 18% allowing a full claim of input tax credit; Relief given to domestic service providers of maintenance, repair and operations. More details awaited.
  • GST rate rationalisation postponed to the next meeting to be held in April 2020, details of which are awaited.
  • GST Council to announce the e-way bill-FASTag integration to be applicable from April 2020.
  • Union FM likely to defer the issue of the states’ compensation to the next meeting in April 2020.
  • Infosys asks for a year’s time to build smooth functioning GST’s IT systems by January 2021; Infosys Chairman Nandan Nilekani to be part of next three GST Council meetings.

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