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31st gst council meeting

Kamal Verma (Financial advisor) (578 Points)

22 December 2018

Dear friend,

What are the deceisions taken in 31st GST council meeting held today i.e. on 22nd Decenber?

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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

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