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22/09/2023

22/12/2018

31st GST council meeting highlights with major reforms like New GST returns coming from 1.4.2019, GST returns date extended, late fee waived and many more. Watch video to know more

31ST GST COUNCILE MEETING HIGHLIGHTS - NEW GST RETURNS GST RETURNS DATE EXTENDED AND LATE FEE WAIVED ***BUY GST BOOKS & REFERENCE MATERIAL*** https://amzn.to...

22/12/2018

Recommendations made during 31st Meeting of the
GST Council held on 22nd December, 2018 (New
Delhi)-Rate changes

GST Council in the 31 meeting held on 22 December, 2018 at New Delhi took following decisions relating to changes in GST rates on goods and services. The decisions of the GST Council have been presented in this note for easy understanding. The same would be given effect to through Gazette notifications/ circulars which shall have force of law.

I. GST rate reduction on goods which were attracting GST rate of 28% :

A. 28% to 18%
Pulleys, transmission shafts and cranks, gear boxes etc., falling under HS Code 8483
Monitors and TVs of upto screen size of 32 inches
Re-treaded or used pneumatic tyres of rubber;
Power banks of lithium ion batteries. Lithium ion batteries are already at 18%. This will bring parity in GST
rate of power bank and lithium ion battery.
Digital cameras and video camera recorders
Video game consoles and other games and sports requisites falling under HS code 9504.

B. 28% to 5%
Parts and accessories for the carriages for disabled persons

II. GST rate reduction on other goods,-

A. 18% to 12%
Cork roughly squared or debagged
Articles of natural cork
Agglomerated cork

B. 18% to 5%
Marble rubble

C. 12% to 5%
Natural cork
Walking Stick
Fly ash Blocks

D. 12% to Nil:
Music Books

E. 5% to Nil
Vegetables, (uncooked or cooked by steaming or boiling in water), frozen, branded and put in a unit container
Vegetable provisionally preserved (for example by sulphur dioxide gas, in brine, in sulphur water or in other
preservative solutions), but unsuitable in that state for immediate consumption.

III. GST on solar power generating plant and other renewable energy plants
GST rate of 5% rate has been prescribed on renewable energy devices & parts for their manufacture (bio gas
plant/solar power based devices, solar power generating system (SGPS) etc) [falling under chapter 84, 85 or
94 of the Tariff]. Other goods or services used in these plants attract applicable GST.
Certain disputes have arisen regarding GST rates where specified goods attracting 5% GST are supplied
along with services of construction etc and other goods for solar power plant.
To resolve the dispute the Council has recommended that in all such cases, the 70% of the gross value shall
be deemed as the value of supply of said goods attracting 5% rate and the remaining portion (30%) of the
aggregate value of such EPC contract shall be deemed as the value of supply of taxable service attracting
standard GST rate.

Reduction in GST rates/exemptions on services:

GST rate on cinema tickets above Rs. 100 shall be reduced from 28% to 18% and on cinema tickets upto Rs.
100 from 18% to 12%.
GST rate on third party insurance premium of goods carrying vehicles shall be reduced from 18% to 12%
Services supplied by banks to Basic Saving Bank Deposit (BSBD) account holders under Pradhan Mantri Jan
Dhan Yojana (PMJDY) shall be exempted.
Air travel of pilgrims by non-scheduled/charter operations, for religious pilgrimage facilitated by the
Government of India under bilateral arrangements shall attract the same rate of GST as applicable to similar
flights in Economy class (i.e. 5% with ITC of input services).
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22/12/2018

Recommendations made during 31 Meeting of the
GST Council

1. The new return filing system shall be introduced on a
trial basis from 01.04.2019 and
on mandatory basis from 01.07.2019.

2. The due date OF FORM GSTR-9, FORM GSTR-9A GSTR-9C shall be Further Extended till 30.06.2019

 HSN code may be declared only for those inward supplies whose value independently accounts for 10% or more of the total value of inward supplies
 Additional payments, if any, required to be paid can be done through FORM GST DRC- 03 only in cash;
 ITC cannot be availed through FORM GSTR-9 &FORM GSTR-9C

3. The due date for furnishing FORM GSTR-8 by e-commerce operators for the months of October, November and December, 2018 shall be extended till 31.01.2019

4. The due date for submitting FORM GST ITC-04 for the period July 2017 to December 2018 shall be extended till 31.03.2019.

5. ITC in relation to invoices issued by the supplier during FY 2017-18 may be availed by the recipient till the due date for furnishing of FORM GSTR-3B for the month of March 2019, subject to specified conditions.

6. All the supporting documents/invoices in relation to a claim for refund in FORM GST
RFD-01A shall be uploaded electronically on the common portal at the time of filing of the refund application itself, thereby obviating the need for a taxpayer to physically
Visit a tax office for submission of a refund application. GSTN will enable this Functionality on the common portal shortly

7. The following types of refunds shall also be made available through FORM GST RFD- 01A:
• Refund on account of Assessment/Provisional Assessment/Appeal/Any Other Order
• Tax paid on an intra-State supply which is subsequently held to be inter-State supply and vice-versa;
• Excess payment of Tax
• Any other refund.

8. One more window for completion of migration process is being allowed. The due date for the taxpayers who did not file the complete FORM GST REG-26 but received only a Provisional ID till 31.12.2017 shall be extended till 31.01.2019.

9. Also, the due date for furnishing FORM GSTR-3B and FORM GSTR-1 for the period July, 2017 to February, 2019/quarters July, 2017 to December, 2018 by such taxpayers shall be extended till 31.03.2019.

10. Late fee shall be completely waived for all taxpayers in case FORM GSTR-1, FORM GSTR-3B &FORM GSTR-4 for the months / quarters July, 2017 to September, 2018, are furnished after 22.12.2018 but on or before 31.03.2019.

11. Taxpayers who have not filed the returns for two consecutive tax periods shall be restricted from generating e-way bills. This provision shall be made effective once
GSTN make available the required functionality.

12. Clarifications shall be issued on certain refund related matters like refund of ITC accumulated on account of inverted duty structure, disbursal of refunds within the
stipulated time, time allowed for availment of ITC on invoices, refund of accumulated ITC of compensation cess etc

13. Changes made by CGST (Amendment) Act, 2018, IGST (Amendment) Act, 2018, UTGST (Amendment) Act, 2018 and GST (Compensation to States) Amendment Act, 2018 and the corresponding changes in SGST Acts would be notified w.e.f. 01.02.2019

The requisite Notifications/Circulars for implementing the above recommendations of the GST Council shall be issued shortly.
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08/12/2018

Extension of due date for filing FORM GSTR-9, FORM GSTR-9A and
FORM GSTR-9C from 31st December, 2018 to 31st March, 2019

04/12/2018

question and answers by
Must watch

GST ANNUAL RETURN QUESTION AND ANSWERS ***BUY GST BOOKS & REFERENCE MATERIAL*** https://amzn.to/2QaRVb2 WATCH GST ANNUAL RETURN किसे फाइल नहीं करनी है? : htt...

03/12/2018

Due Dates in December 2018. must watch

CA Guru Ji > GST RETURNS, INCOME TAX AND GST AUDIT DUE DATES IN DECEMBER 2018, DECEMBER 2018 COMPLIANCE CALENDAR ***BUY GST BOOKS & REFERENCE MATERIAL*** https://amzn.to/2QaRVb2 WATCH: GST TURNOVER CALCULATION FOR GST AUDIT & GST RETURNS: https://youtu.be/nOKhkADYnZw GSTR 9A, GST ANNUAL RETURN FOR C...