Highlights from 25th GST council meeting held on 18th January 2018
Late fee reduction
Late fees amount decreases to Rs. 50 per day for GSTR-1, GSTR-5, GSTR-5A, and GSTR-6 . In case of Nil return filed for GSTR-1, GSTR-5, GSTR-5A late fee decreases to Rs. 20 per day.
Cancellation of registration by voluntary registrants can be applied before the expiry of 1 year from the date of registration.
Cancellation of registration (REG – 29) by migrated taxpayers extended till 31st March 2018.
The E-way bill portal will shift to ewaybillgst.gov.in on the successful implementation of e-Way bills.
Certain modification to e-way bill rules to be notified soon.
Acceptance of recommendations made by Handicraft committee: The desicion of rates to come later.
29 Handicraft items put under 0% slab. There is also a reduction in GST rates for few agricultural products.
GST Rates slashed for 29 Goods and 53 Services. These rates will come into effect from 25th January 2018. A few more items may be included to the list.
The Council also discussed the process to make return filing simpler. Businesses at present have to file GSTR-3B as well as GSTR-1, which is the final invoice wise sales returns. Finance minister Arun Jaitley indicated that filing one return may be the only requirement going forth.
Finance minister Arun Jaitley said the panel at its next meeting may also consider bringing under the Goods and Services Tax purview items like the petroleum and real estate which are currently outside the new regime.
Rs 35,000 crore of Integrated-GST will be provisionally divided between the central and states.