The decision of the GST council to extend the due date for filing GSTR-9 and GSTR-9C for FY 2018-2019 is a welcome move, which will provide a breather for all the taxpayers. Further, the decision to defer the implementation of e-invoicing, QR code and new return system has been made keeping in mind the operational and IT readiness of both government and industry. The decision to levy interest on net tax cash liability instead of gross tax liability has come as a huge relief to the industry and will help reduce the mounting litigations. In a nutshell, despite the dampener relating to increase in the GST rate of mobile phones, the decisions taken by the GST Council focus majorly on trade facilitation, curbing frauds, and removal of roadblocks for industry.
This alert is based on the press release issued by the GST Council. Relevant notifications are yet to be issued by the government.