What you should know about the 31 st GST Council Meeting?
Held on 22nd December 2018, the Goods and Service Tax Council Meeting is a big relief for the common man in many ways. Arun Jaitley seemed quite confident attending the questions of media after the GST council meeting. This is the 31st time that the GST council has met for the revision and discussion of the policies and tax rates associated with the GST format.
Here are the highlights of the meeting, in case if you have missed it:
Revision and reduction of GST rates
Mr. Jaitley addressed the media stating, ‘A total of 5,500 crore revenue effect will be experienced soon after the GST reduction rates and revision’. The Fitment Committee reports and recommendations have been taken seriously for amending the tax revisions. The 13 items of automobiles and 8 items of Cement Industry still bear 28% GST slab. The third party insurance GST is revised from 18% to 12% respectively. The cinema tickets above 100 INR will bear 18% GST slab whereas the tickets below 100 INR will bear 12% GST slab. The Savings Bank Account Charges and Pradhan Mantri Jan Dhan Yojna is exempted from GST slab.
Due date extensions for filing GST
The due date for filling both the GST Annual Return and the GST Reconciliation Statement is extended till 30th June 2019. The GSTR-8, which is to be filed for the period of 1st October 2018 to 31St December 2018 is extended to 31St January 2019 for the e-commerce operators. Also, the ITC-04 filing for the months of July to November 2018 is extended to 31st March 2019.
GST 2.0 implementation & details
The complete new return filing system to be considered for the trial basis on 1St April 2019 and will be implemented on July 1st, 2019.
Simplification of Form GSTR 9 and GSTR 9-C
Provision for additional payments in cash with GST DRC 03 Form
GSTR9 and 9-C not availed for ITC
HSN code declaration for inward supplies
Scope and expansion of Composition Scheme
A meeting to be scheduled again in January 2019 for finally taking a decision about the supply of residential properties under real estate. The minister’s group to be elected for the meeting.
E-way bill norms
If the taxpayers failed to file GST for two consecutive periods, he/she is not applicable to e-way bill norms.
These are just the highlights of the 31st GST council meeting held on 22nd December 2018. A lot more to expect from the Group of Ministers for the expansion of the composition scheme in January 2019. Overall, a relief for the common man from paying high GST.