Highlights from GST 31st Council Meeting

31st GST Council meeting was held on 22nd December 2018, Saturday at Vigyan Bhavan, New Delhi.

It was chaired by the Finance Minister Shri Arun Jaitley. The New GST Rates will be effective from 1st January 2019.

As a new year Gift for everyone, the Government has notified reduction in GST on 23 Goods & Services.

Outcomes

  • New return filing system to be started on a trial basis from April 1, 2019, and will be to be implemented by July 1, 2019
  • Now E-way bills can’t be generated if taxpayers do not fill GST returns for two consecutive tax periods.
  • Today’s GST rates reduction will have an overall impact on revenue of Rs 5500 crore, said Jaitley.
  • The Council had rationalized the 28% slab and restricted the highest slab to luxury, demerit, and sin goods, besides cement, large screen TV, Air Conditioners and dishwashers.
  • GST has been lowered to 18% from 28 % at present includes pulleys, transmission shafts, and cranks, gearboxes, retreaded or used tyres, power banks of lithium-ion batteries, digital cameras, video camera recorders and video game consoles.
  • GST for cinema tickets being less than Rs 100 has a reduced tax rate from 18% to 12% GST Slab, for tickets equal to or above Rs 100, GST reduced from 28% to 18%.
  • The GST Council has also decided to slash the tax rate on parts and accessories for the carriages for disabled persons from 28 per cent to 5 per cent.
  • Also, third-party insurance premium of goods carrying vehicles has been reduced from 18 per cent to 12 per cent.
  • Monitors and TV screens up to 32 inches and power banks, GST has reduced to 18% as compared to earlier 28%

 

Extension of Due Dates.

  • The due date for filing of GST Annual Return (GSTR-9) and Reconciliation statement ( GSTR-9C) after GST Audit to be extended till 30th June 2019.
  • GSTR-8 to be filed by e-commerce operators for the period 1st October 2018 to 31st December 2018 will be extended to 31st January 2019.
  • Filing of ITC-04 for the months July 2017 to December 2018 to be extended to 31st March 2019.

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