38th GST Council Meeting held on 18thDecember in NewDelhi (Highlights)
- STEPWAY SOLUTIONS
- Jul 7, 2021
- 2 min read
The 38th GST council meeting has been concluded with several major and minor changes in the GST rates as well as in the annual return filing due dates, penalty and ITC related provisions.
Let us check out the complete amendments done under the finance minister Nirmala Sitharaman in the 38th GST council meeting.
Deadline for filing GSTR 9 and GSTR 9C for FY 2017-18 is extended till 31 January 2020.
ITC claimed on provisional basis in GSTR 3B decreased to 10% from 20% earlier.
Deadline for filing GST Returns extended till 31 Dec 2019.
Council rationalised GST rate to eliminate inverted tax structure.
Late Fee abandoned on filing GSTR 1 by 10 January 2020. Non-filing after 10 Jan will lead to blocked E-way bill facility.
“The GST Council could decide on measures to shore up the shortfall in tax revenue. Earlier this week, in a meeting with senior tax officials, the Finance Ministry had laid down a monthly GST revenue target of 1.1 lakh crore for the next four months. Out of these four months, one month needs to a have tax collection amounting to 1.24 lakh crore, revenue secretary Ajay Bhushan Pandey had told tax officials. On the back of this development, the GST Council could take steps to ensure better compliance, easier return filing, and curbs to tax evasion.” Source: businesstoday.in
Union Minister for Finance & Corporate Affairs Nirmala Sitharaman Ji chairing the 38th GST Council meeting in New Delhi. The Meeting is also being attended by MOS for Finance and Corporate Affairs Shri Anurag Thakur Ji besides Finance Ministers of States & UTs and Senior officers from Union Government & States
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Blog source : GST Council official.
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