As GST Council's 38th meeting is all set to be held today, CNBC-TV18 has learnt that the council will focus on drawing a broad road-map for the future on rates, slabs, items, etc with a clear focus on "revenue augmentation".

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"GST Council likely to focus on finalizing broad principles to work on new GST Road-map. This road-map will help the council to strategize further on rate rationalizations, corrections in slab structure and items to address inverted duty structure, etc and discuss parameters as per the framework suggested by the officers' committee on revenue augmentation," sources said.

The framework will also focus on "rebalancing of current GST rates with revenue neutral rate and revenue projections," sources added.

Meanwhile, on immediate measures to address the current declining trend, the council is likely to push for more compliance-related measures.

Compliance measures which are likely to be approved by the council include, "coming up one-time amnesty scheme or late fees waiver scheme along with blocking of E-way bill for Non-Filers of GSTR1."

According to the proposal, this one time amnesty scheme or late fees waiver scheme, the taxpayers will be allowed to file GSTR1 due from July 2017-November 2019 without penalty provided the return is filed till 10th January 2020.

Currently, the late filing of GSTR1 attracts late fees of a maximum of Rs 10,000 per month of delay.

The council will also "deliberate on allowing blocking of e-way bill for taxpayers with two-consecutive non-filing of GSTR1 & GSTR3B," sources added.

The GST Council will also mull on restricting claiming of input tax credit or ITC of not more than 10 percent in case of the seller not uploading invoices.

Currently, as per Rule 36(4), a taxpayer is restricted not to claim more than 20 percent of ITC in case of missing invoices or invoices not getting uploaded by the seller.

The GST Council is also likely to allow tax authorities to block fake credits and reverse the past fake claims to the government. Already 25 states have adopted this strategy to plug fake invoices and fake credit and claims.

When it comes to relaxations for filing of annual and annual audit return, the council is likely to approve "the proposal to extend the due date for filing the GSTR-9 and GSTR-9C for FY2017-18 and FY2018-19 till January 31, 2020." The due date for GSTR9 & 9C for both the fiscals was December 31, 2019.

The council has been requested by North-east states to extend the deadlines for various GST returns due to tensions and suspension of internet facilities in the areas.

The proposal is to extend the deadline as follows:

FORM GSTR-1 (monthly) for November 2019: extension from 11.12.2019 to 31.12.2019

FORM GSTR-7 and GSTR- 8 for November 2019: extension from 10.12.2019 to 25.12.2019

FORM GSTR-3B for November 2019: extension from 20.12.2019 to 31.12.2019

First Published:Dec 17, 2019 3:29 PM IST