Dear friend,
What are the deceisions taken in 31st GST council meeting held today i.e. on 22nd Decenber?
3 Replies
manish jain
(nothing)
(67 Points)
Replied 22 December 2018
-GST Council decides to reduce tax rates from 28% to 18% on Monitor TV, Power Bank Battery, cranks & gear boxes, video camera & used tyres of rubber
-GST Council also exempts degree / diploma programmes of IIMs + supply of services by banks to saving accounts under PMJDY
-GST rate on cinema tickets reduced - 12% on ticket of less than Rs 100 & 18% on above Rs 100
-GST Council grants mega relief to taxpayers - ITC for last FY invoices allowed upto March 31, 2019 + New GST Return to be launched on trial basis from April 1, 2019 + amendment in Sec 50 to allow payment of interest on net cash liability
-GST Council gives nod for Composition Scheme for small service providers with 5% tax rate
-GST Council approves Single Interface for disbursal of refund + rationalisation of cash ledgers + extension of due dates for migration of taxpayers & GSTR-8 by e-commerce operators
-GST Council approves extension of due dates for GSTR-9 & 9C along with major clarification on HSN Code for inward supplies, non-GST supply and additional payment of tax only in cash
-GST Council approves proposal to deny generation of e-Way Bills if returns not filed for two consecutive tax periods + No ITC to be availed through GSTR-9 & 9C
-GST Council also exempts degree / diploma programmes of IIMs + supply of services by banks to saving accounts under PMJDY
-GST rate on cinema tickets reduced - 12% on ticket of less than Rs 100 & 18% on above Rs 100
-GST Council grants mega relief to taxpayers - ITC for last FY invoices allowed upto March 31, 2019 + New GST Return to be launched on trial basis from April 1, 2019 + amendment in Sec 50 to allow payment of interest on net cash liability
-GST Council gives nod for Composition Scheme for small service providers with 5% tax rate
-GST Council approves Single Interface for disbursal of refund + rationalisation of cash ledgers + extension of due dates for migration of taxpayers & GSTR-8 by e-commerce operators
-GST Council approves extension of due dates for GSTR-9 & 9C along with major clarification on HSN Code for inward supplies, non-GST supply and additional payment of tax only in cash
-GST Council approves proposal to deny generation of e-Way Bills if returns not filed for two consecutive tax periods + No ITC to be availed through GSTR-9 & 9C
Shivam RC
(Student)
(23683 Points)
Replied 22 December 2018
The most important item i.e. Cement have not been reduced to 18% from 28%.
Alka
(student)
(23 Points)
Replied 07 January 2019
I need the notification link for the same as i cannot find it, can someone help me with it.
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