31st GST COUNCIL MEETING HELD ON 22ND DECEMBER 2018
Recently, in its 31st meeting, the Goods and Services Tax Council has taken various decisions. A brief gist of the same is hereunder:
- New System For GST Return Filing: New convenient way of GST return filing system to be started. A trial version to be started from April 2019 and will be implemented by July 2019.
- E-way Bill norms have been made strict.
- Late Fee Waiver for pending GST returns for the period July 2017 to September 2018 if filed upto March 31, 2019.
- Annual Return Form (GSTR 9 and 9C) and has been simplified. Also, due date of filing of same and some other forms have been extended.
- Composition Scheme For Small Service Providers to be decided shortly in January meeting of GST Council.
- GST Rates Rationalised, which will have impact of Rs 5500 crores on revenue. A detailed summary of same is hereunder.
GST Rates Rationalisation and Rate Reduction
With an impact of Rs 5500 crores on Revenue, the council has slashed tax rates for various items by reducing from current higher rate to 18%, 12% and 5% respectively. Some key changes are: Cinema tickets tax rate reduced from 28% to 18% and 18% to 12%. GST rates relief is provided for Solar Power Systems/Plants. GST rates reduced on TV, Monitors, Power Banks, Lithium Batteries.
Here is a table of GST rates effected in this Council meeting:-
Above information is helpful for Indian Companies, Foreign Companies, Other Business Entities, Individuals etc on various queries/doubts in relation to GST Provisions and GST latest amendments in India such as:
- What are latest amendments in GST?
- What are the decisions taken in 31st GST Council Meeting?
- What are the important decisions taken by GST Council in its latest meeting?
- What are the present GST rates on various items including solar products, movie tickets, batteries, TV, monitors, frozen vegetables, video recorder and camera recorder, air tickets for pilgrims etc.?
- What are the relaxations given by GST council in late filing of GST pending returns?
- What are the relaxations given by GST council in relation to Annual Returns under GST?
GST News: By CA Sulabh Lohia and Imam Sadique – S Lohia & Associates, Chartered Accountants GST Team – December 24, 2018