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In 31st GST Council Meeting, which was held on 22nd December,2020, some crucial decisions being taken.Let's see, what was discussed at the 31st GST Council Meeting-
The GST Council at the 31st GST Council meeting today, approved the proposal to form a 7-member Group of Ministers (GoM) to study the revenue trend, including analysing the reasons for structural patterns affecting the revenue collection in some of the States. The study would include the underlying reasons for deviation from the revenue collection targets, as against the original assumptions discussed during the design of the GST system, its implementation and related structural issues.
The Group of Ministers will be assisted by the committee of experts from the Central Government, State Governments and the NIPFP (National Institute of Public Finance and Planning), who would study and share the findings with the GoM. The GoM in turn would give its recommendation to the GST Council. The members of both the GoM and the committee of experts will be announced later.
The new and simplified GST return filing system shall be introduced on a trial basis from 1st April 2019 and on a mandatory basis from 1st July 2019.
The due date for furnishing the annual returns i.e. Form GSTR 9, Form GSTR 9A and the reconciliation statement i.e. Form GSTR 9C for the Financial Year 2017-18 shall be further extended till 30th June 2019. Thus, businesses will now get 3 more months to file their annual returns.
The due date for furnishing Form GSTR 8 by e-commerce operators for the months of October, November and December 2018 shall be extended till 31st January 2019.
The due date for submitting Form GST ITC-04 for the period July 2017 to December 2018 shall be extended till 31st March 2019.
The last date to claim ITC in relation to invoices issued by the supplier during FY 2017-18 by the recipient has been extended. Earlier the time limit was till the due date for furnishing of Form GSTR 3B for the month of September 2018, but now, it is till the due date for filing Form GSTR 3B for the month of March 2019.
Overall, all these recommendations are bound to improve life for the consumer as well as businesses, and as you read these, several forums are expressing their positive views on the decisions being taken.
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