38th GST Council Meeting- Highlights


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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[Disclaimer:-This article is being furnished for informational purposes only. We make every effort to use reliable & comprehensive information, but we do not represent that the contents of the article are accurate or complete.]


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