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31st GST Council Meeting Update - GST Station

31st GST Council Meeting Update

31st GST Council Meeting Update

    31ST GST COUNCIL MEETING DATED 22 DECEMBER 2018- MAJOR RECOMMENDATIONS

    1. In principal approval of composition scheme for small service providers (threshold to be decided).

    2. ITC for last financial year invoices allowed upto March, 2019

    3. New GST return to be launched in April, 2019

    4. Approval of extension of due dates for GSTR-9 and GSTR-9C, annual return dated extended to 30th June, 2019

    5. Single interface for refunds

    6. Extension of due dates for migration of taxpayers and GSTR-8 by e-commerce operators

    7. Amendment in Section 50 to allow payment of interest on net cash liability

    8. 6 items shifted from 28% to 18% tax slab (tyres, VCR, lithium battery, motor parts etc.)

    9. 33 items shifted from 18% tax slab to 12% and 5% slabs

    10. Only 34 items will be taxed @ 18% or more

    11. Cars, dish washers, cement etc to be taxed @ 28%

    12. GST @ 12% on cinema tickets upto Rs. 100, @ 18% on others.

    13. GST on third party insurance reduced from 18% to 12%.

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