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.