38th GST Council Meeting- Key Highlights
Union Finance Minister Nirmala Sitharaman chaired the 38th Council Meeting in New Delhi, today. Here's a look at the decisions taken by the GST Council today:-
- GST Council votes for the First time:-
- This is the first time since the commencement of this Tax the council has taken a decision through the voting route.
- Uniform rate of GST on Lotteries:-
- There will be a single GST rate of 28% on lotteries across the countries on both state-run and private lotteries, with effect from March 1,2020.
- 21 States voted in favor of Uniform rate
- Late Fee Waived:-
- Council has decided to waive late for taxpayers who have not filed returns from July 2017 to November 2019 if all the returns are filed by10th January 2020.
- In case of the taxpayer does not file GSTR-1 by 10th January 2020, the E-way bill will be blocked for them.
- Extension of the due date of Annual Return:-
- Council has extended the annual return date for GSTR-9 and Reconciliation form GSTR-9C for Financial Year 2017-18 to 31st January 2020.
- Rationalisation of tax rate:-
- Council has agreed to rationalise GST rates on woven & non-woven bags to 18% (from 12%) with effect from 1st March 2020.
- GST on Land Lease:-
- Land lease GST rates to be effective from 01st January 2020.
- Exemption:-
- Council exempts upfronts amount payable for long term lease of industrial/financial infrastructure plots by an entity having 20% or more ownership of State/Central Governement with effect from 1st January, 2020.
- Presently this exemption is available to an entity having 50% or more ownership of State/Central Government.
- Input tax credit:-
- ITC to the recipient in his FORM GSTR-2A will now be restricted to 10% of the eligible credit versus 20% earlier.
- Grievance Redressal Committee (GRC) :-
- GRC will be constituted at Zonal/State level with both CGST & SGST officers and including representative of trade and industry and other GST Stakeholders.
- These committees will address grievances of specific/ general nature of taxpayers at the Zonal/State level.
- The council is seeking ways to plug revenue leakage, improving the efficiency of the GST system using technology and examine specific steps to augment revenue.
- The Due of filling GST returns for the month of November 2019 to be extended in respect of a few North Eastern States.
[Source: Press Release by GST Council Download here: Press Release]
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