GST Council Meeting- Major Announcements of 38th GST Council Meeting

Here are some of the major announcements in GST council meeting dated 18th December,2019:-

1. The Council decided that input tax credit will now be restricted to 10 percent as against 20 percent earlier if invoices have not been uploaded by the supplier

2. Deadline for GSTR 9 and GSTR 9C return filing for 2017-18 has now been extended to January 31, 2020 from December 31, 2019 .

3. Penalty for non-filing of GSTR-1 from July 2017 has been relaxed . Late fee has also been waived for all the assessees who have failed to file GSTR 1 , provided that they file the same, latest by 10th January 2019.

4. GST Council has exempted long term lease on industrial plots to facilitate setting up of industrial parks.

5. Land lease GST rates to be applicable from January 1, 2020.

6. Uniform rate of 18% will be effective for woven and non-woven bags.

7. Uniform rate of 28% will be effective for lotteries.At present, lotteries run by state governments attracts GST at the rate of 12% while those authorized by them and sold outside the state are taxed at 28%.

8. E-way bill for those who has not filed GSTR-1 for 2 tax periods shall be blocked.

9. Standard procedure for officers are required to be issued in respect of action to be taken in cases of non-filing of GSTR-3B.

10. Due date of filing GST returns for November 2019 is to be extended in certain north-eastern states.

11. Grievance redressal committees will be constituted to address the general problems of the taxpayers at zonal and state level with both CGST and SGST officers, including certain representatives.

For Regular Updates Join : https://t.me/Studycafe

Tags : GST, GST Annual Return, GSTR-9, GSTR-9C, News, Rule 36(4), E-WAY Bill, GST Council Meeting Updates