Key updates of 31st GST Council Meeting updates
The 31st GST Council meeting was held on 22nd December 2018 at Delhi. It will be chaired by the Finance Minister Shri Arun Jaitley.
Below are the Key updates of 31st GST Council Meeting
1.) GST Rates of 7 items reduced from 28% to 18% . Items include tyres, VCR, billiards & snookers and lithium batteries.
2.) GST Rate of 33 items have come down from 18% tax slab to 12% and 5% tax bracket as they are common man’s consumption goods. These items include Third Party insurance Vehicle and Solar Power Systems
3.) Only 34 items will be taxed at 18% GST Rate or more
4.) All items except luxury goods would be taxed under 28% GST Rate
5.) The GST Council is also looking into introducing composition scheme for the real estate sector. A view on Real Estate sector will be taken in next GST Council meeting
6.) A composition Scheme will be framed for Small Service provider. Threshold and mechanism will be decided in next GST Council Meeting
7.) MSME Committee may re-consider the thresh hold limit of 20 Lakh for larger interest.
8.) Centralized authority for Advance ruling in case of conflicting views of Advance Ruling Authorities. The decision of Centralized authority will bind the whole country.
9.) New GST Refund filing system will be introduced on pilot basis with effect from 1st April 2018
10.) Addition GST fees waived for returns filed upto 31st March 2019
11.) GST Annual return due date has been extended to 30th June 2019
12.) ITC for last FY invoices allowed upto March 31, 2019
13.) New GST Return to be launched on trial basis from April 1, 2019
Regards,
CA Nitin Pathak
