GST council meeting was a relief for taxpayers. Many leaming issues were taken up by the GST council. Here we have compiled a brief of all issues.
- No GST audit requirement for taxpayers having turnover upto Rs. 5 Cr.
- Interest will be payable only on the net amount of tax. Earlier the stand of the department was to levy interest on the gross amount. But now Act will be amended retrospectively.
- No late fees for non-filing of GSTR 1 by a Composition taxable person under notification no. 2/2019.
- New scheme for exports with increased benefits.
- Portal strength will be increased from 150000 users to 300000 users.
- E- invoicing is deferred.
- New GST returns are also deferred.
- New GST returns will be implemented in a staggered manner.
- There will be no late fee on late filing of GSTR 9 by taxpayers having turnover upto Rs. 2 Cr.