Part A:- Related to Law and Procedure change
- Interest for delay in payment of GST to be charged on the net cash tax liability w.e.f. 01.07.2017 (Law to be amended retrospectively).
- Revocation of cancellation of registration can be filled up to 30.06.2020 whose registration have been cancelled till 14.03.2020.
- Relaxation for MSME to furnish GSTR-9C for reconciliation whose turnover below 5 Crore.
- Due date for filing of Annual return and Reconciliation for the FY 2018-19 extended to 30/06/2020
- Waiver of late fee on GSTR-9 and 9C for the FY 2017-18 and 2018-19 for taxpayer having turnover less than 2 Crore.
- New Facilities to “Know Your Suppplier” is being provided to access basic information about supplier.
- The requirement of furnishing FORM GSTR-1 for 2019-20 to be waived for taxpayers who could not opt for availing the option of special composition scheme for service provide notification No. 2/2019 by filing FORM CMP-02.
- A special procedure is being prescribed for registered persons who are corporate debtors under the provisions of the Insolvency and Bankruptcy Code, 2016 and are undergoing the corporate insolvency resolution process, so as to enable them to comply with the provisions of GST Laws during the CIRP period
- Extension of due dates for FORM GSTR-3B from July, 2019 to January, 2020 till 24 March, 2020 for Union territory of Ladakh and similar recommendation made for GSTR-1 also.
- Insurance company, banking company, financial institution, non-banking financial institution, GTA, passenger transportation service etc. to be exempted from issuing e-invoices or capturing dynamic QR code.
- Applicability of E-Invoice and QR code deferred till 01/10/2020.
- Extension of the time to finalize e-Wallet scheme up to 31.03.2021.
- Extension of the present exemptions from IGST and Cess on the imports made under the Advance Authorization / Export Promotion capital Goods / Export oriented Unit schemes up to 31.03.2021.
- Continuation of existing system of furnishing FORM GSTR-1 & FORM GSTR-3B till September, 2020.
- Restrictions to be imposed on passing of the ITC in case of new GST registrations, before physical verification of premises and Financial KYC of the registered person
Part- B :-Related to Change in GST Rate
- Increase in GST rate on Mobile Phones and specified parts from 12% to 18%.
- Increase in GST rate on Handmade matches from 5% to 12%.
- Decrease in GST rate other than Handmade matches from 18% to 12%.
- Reduce GST rate on Maintenance, Repair and Overhaul (MRO) services in respect of aircraft from 18% to 5% with full ITC
- Place of supply for B2B MRO services to the location of recipient.