NICAI Updates:
1. GST Highlights of 38th GST Council Meeting: Due date for filing GSTR 9 and GSTR 9C for 2017-18 has been extended from 31.12.2019 to 31.01.2020.
2. Late fees Waived for all tax-payers who have filed GSTR-1, if all returns are filed by 10th Jan 2020.
3. The Central GST collection fell short of the Budget Estimate by nearly 40 percent during the April-November period of 2019-20, according to government data.
4. No GST rate hike was discussed in the GST Council meeting. Council decides to levy 28 percent on all lotteries. Land lease GST rates to be effective from January 1, 2020. Levy of penalty relaxed for non-filing of GSTR-1 from July 2017.
5. GST Council has agreed to rationalise GST rates on woven and non-woven bags to 18 percent with effect from March 1, 2020.
6. The Council decided that input tax credit will now be restricted to 10 percent as against 20 percent earlier if invoices not uploaded.
7. Login time for the website is increased from 15min to 45 minutes. Attachment size limit has been increased from 5MB to 10 MB for uploading e- proceedings supporting. Aligned with the move for making assessment online.
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