Major Highlights of 38th GST council meeting

38th GST Council Meeting was held on 18th Dec 2019, the key highlights include:

• Grievance redressal committees (GRC) will be constituted at the Zonal/State level to address grievances of the specific/general nature of taxpayers at the zonal/state level.
• Due date of annual return (GSTR 9) & reconciliation statement (GSTR 9C) for F-Y 2017-18 further extended to 31st January 2020.
• No late fee is to be charged on delayed filing of Form GSTR 1 from July 2017 to November 2019 if the same is filed by 10th January 2020.
• E-way bills for a taxpayer who have not filed their Form GSTR 1 for two tax periods will be blocked.
• ITC to the recipient in respect of invoices or debit notes that are not reflected in his GSTR 2A shall be restricted to 10% of the eligible credit available.
• Due date of filing returns for the month of November 2019 to be extended in respect of few North Eastern States.
• GST exemption for the industrial land developers if the Government holds 20% or more share in the capital of the developer(earlier it was 50%). This change shall become effective from 1st January 2020.
• The single rate of GST @ 28% will be levied on both state-run and state-authorized lottery.
• GST Rate of 18% will be levied on woven and non-woven bags and sacks of polyethylene or polypropylene strips or the like. This change shall become effective from 1st January 2020.