AKGVG Weekly Insight
Dear Reader,
Greetings for the day!!! We are pleased to share AKGVG's Weekly Insight, dated 25th Sept., 2019 which includes:
Date: 25.09.2019
Recommendations of 37th GST Council Meeting
The GST Council, in its 37th meeting held on 20th September,2019, recommended the following with respect which shall be effective from the date of issue of relevant notification/circular:
  • In principle decision to link Aadhar with registration of taxpayers under GST and examine the possibility of making Aadhar mandatory for claiming refunds.
  • Relaxation in filing of annual returns for MSMEs for FY 2017-18 and FY 2018-19 as under:
    • Waiver of the requirement of filing FORM GSTR-9A for Composition Taxpayers for the said tax periods; and
    • Filing of FORM GSTR-9 for those taxpayers who have aggregate turnover up to Rs. 2 crores made optional for the said tax periods.
  • A Committee to be constituted for simplification of forms for Annual Return and reconciliation statement.
  • Extension of last date for filing of appeals against orders of Appellate Authority before the GST Appellate Tribunal as the Appellate Tribunals are yet not functional.
  • Imposition of restrictions on availing ITC by the recipients where details of outward supplies are not furnished by the suppliers.
  • New return system now to be introduced from April,2020 (earlier proposed from October,2019).
  • Refund: Issuance of circulars for uniformity in application of law for:
    • Procedure to claim refund in FORM GST RFD-01A subsequent to favourable order in appeal or any other forum
    • Eligibility to file a refund application in FORM GST RFD-01A for a period and category under which a NIL refund application has already been filed
    • Integrated refund system with disbursal by single authority to be introduced from 24th September, 2019
  • Revoking of Circular No.105/24/2019-GST dated 28.06.2019, ab-initio, which was issued in respect of post-sales discount.

Aside, revised GST rate changes has been recommended on several goods and services. The rate changes w.r.t goods shall be made effective from 1st October, 2019 whereas notifications shall be issued for giving effect to change in GST rate of services on the stated date.

New GST rate on services

GST rate on goods

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Disclaimer: The entire contents of this Journal have been prepared on the basis of relevant provisions and information existing at the time of preparation. The observations of the author are personal view and the author does not take any responsibility of the same and this cannot be quoted without the written consent of the author.

Best Regards!
Knowledge Updates Team
AKGVG & Associates
(Chartered Accountants)

Tel: +91 9811118031, 9818330516,
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Website: http://www.akgvg.com