Studycafe | Dec 23, 2019 |
38th GST Council Meeting Decisions Held on 18.12.2019
1. Extension in Due Date of GST Returns
2. Decisions regarding restriction on availment of Provisional ITC in GSTR3B
3. Late fee waiver on GSTR-1
4. Formation of Grievance Redressal Committees (GRC)
Grievance Redressal Committees (GRC) will be constituted at Zonal/State level with both CGST and SGST officers and including representatives of trade and industry and other GST stakeholders (GST practitioners and GSTN etc.). These committees will address grievances of specific/ general nature of taxpayers at the Zonal/ State level.
5. Rate Revision
For Long term lease of industrial/ financial infrastructure plots | Exemption is available on upfront amount payable by an entity having 50% or more ownership of Central or State Government | Exemption is available on upfront amount payable by an entity having 20% or more ownership of Central or State Government | This change shall become effective from 1st January, 2020 |
For State run and State authorized lottery | 1. State-run– 12% GST 2. State-authorised – 28% GST | 28% GST on State run and State authorized lottery | This change shall become effective from 1st March, 2020 |
For woven and non-woven bags and sacks of polythene or polypropylene strips or the like , whether or not laminated, of a kind used for packing of goods including FIBC (HSN Code 3923/6305) | Presently the GST Rate is 12% | Proposed GST Rate is 18% | This proposal has been given to remove the inverted tax structure |
Source : ICMAI
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