Reference: Central Board of Indirect Taxes and Custom:
Year 2019 ended with updates on certain key aspects of GST and similarly Year 2020 has also started with certain important updates.
Key Highlights of the same are as under :
- Sabka Vishwas Legacy Dispute Resolution Scheme, 2019 shall continue till 15.01.2020 as against 31.12.2019. We urge you to once again revisit pending litigations at appropriate stages, specially related to Excise / Service Tax and take benefit of the scheme, after consultation with us.
- RCM on Renting of Vehicle – There is new notification as well as clarificatory circular to put away doubts / planning that was going on in the trade community. After amendment, to put things in simple words, Body Corporate being recipient of service shall be liable to pay GST at 5% under RCM in respect of Renting of Vehicle service received from supplier, who is not body corporate. In other words, URD RCM in respect of Renting of Vehicle is introduced. Most Important thing to note is that it is deemed to be effective from 01.10.2019. Under the circumstances, we urge you to take remedial action while filing upcoming GSTR 3B for the month of December, 2019.
- Products covered by HSN 3923 / 6305 / 6305 32 00 namely Woven / Non Woven bags and sacks / Intermediate Bulk containers shall be liable to GST at 18% effective from 01.01.2020.
- GST Exemption criteria in respect of long term lease eased out.
Detailed notifications / circular are attached herewith for your ready reference.
The last date for filing of GSTR 9 (Annual Return) and GSTR 9C (Audit Report) for the period 01.07.2017 to 31.03.2018 is 31.01.2020.
| Notification No. 27(GST) | Notification No. 28 (GST) |
| Notification No. 29 (GST) | Circular no. 130 (GST) |
| Notification no. 7 (CE) |
