Few of the announcements and changes are as below
- For smaller taxpayers with an annual turnover of up to Rs 5 cr, the rate of interest for late filing of GSTR-3B returns halved to 9% if filed by Sep 30, 2020. The mandatory requirement of filing returns & statement of outward supplies using digital signature was relaxed.
- With effect from FY 2019-20, the Composition Scheme was extended to suppliers of services (up to Rs.50 lakh turnover). Further, composition taxpayers were allowed to furnish returns on an annual basis only as against having to file quarterly returns as was the case earlier.
- Filing of “Nil” GST returns through the SMS facility from the registered mobile number has been introduced which is expected to help almost 22 lakh Nil filers. A big step forward towards enhancing taxpayers’ convenience.
- Addressing the issues faced by small taxpayers, the GST Council simplified the annual returns and filing was made optional for small taxpayers having turnover upto Rs. 2 crore for both 2017-18 and 2018-19.
- With effect from FY 2019-20, the Composition Scheme was extended to suppliers of services (up to Rs.50 lakh turnover). Further, composition taxpayers were allowed to furnish returns on an annual basis only as against having to file quarterly returns as was the case earlier.
- Cattle feed, aquatic feed and poultry feed have all been kept at a Nil rate in GST, as have all kinds of seeds. In other words, these vital inputs in the agricultural process do not attract any tax under the GST system.
- All process in GST have been fully automated. Till now 50 crore returns have been filed online and 131 cr e-way bill generated. (5/5)
- The taxpayer base has almost doubled since the roll out of GST. The numbers of assessee covered by the GST at the time of its inception were about 65 lakh. Now the assessee base exceeds 1.24 crore.
- Significant relief has been extended to the construction sector, particularly the housing sector. It has now been placed at the 5% rate. GST on affordable housing has been reduced to 1%
