+91 9836047798 admin@legalmantra.net

View News

Submit Query
03 Jan 2019

GST UPDATES FROM 31ST COUNCIL MEETING

GST UPDATES FROM 31ST COUNCIL MEETING

Highlights of 31st GST Council meeting are :-

 

  1. GST 2.0 is projected to implement from July’19 onwards.

 

  1. FM Arun  Jaitley has announced a Late fee waiver for all the GST returns yet to be filed as on 22nd December 2018 up to 31st March 2019, for the months July 2017 up to September 2018. Further time to claim the Input tax credit for FY 2017-18 allowed up due date of filing GSTR3B of March 2019, subject to conditions. There is going to be single tax ledger for each Tax head.

 

  1. 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.

 

  1. If any additional payments are to be made they can be done through the FORM GST DRC-03 in cash. ITC cannot be availed through FORM  GSTR-9 and FORM GSTR-9C .

 

  1. Outward or Inward supplies to be declared in the Annual returns to be ‘supplies made during the financial year’ and not ‘supplies, as declared in GST returns filed’.

 

  1. 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.

 

  1. GSTR-8 to be filed by e-commerce operators for Q3 will be extended to 31st January 2019.

 

  1. Filing of ITC-04 for the months July 2017 to December 2018 to be extended to 31st March 2019.
  2. 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%.

 

  1. Lithium-ion batteries charges, video games consoles, small sport related items, accessories for carriages for disabled removed from 28% slab.

 

  1. Bank charges (savings bank), and Pradhan Mantri Jan Dhan Yojana has been exempted from GST.

 

  1. Changes in the filing of Form RFD-01 :

      a. Documents to be annexed to the form can now be uploaded online.

      b. Types of the GST refund that can be applied in this form shall include Excess tax paid, refund by assessment orders, tax paid on an intra-State supply which is consequently held to be inter-State supply and vice-versa.