Krishna:(Fictional Character)– Arjuna, yes, tomorrow is Christmas. This time Taxpayer has received Christmas gifts from government before Christmas only. 31st GST Council Meeting held on Saturday, took decisions on ITC, Tax Slab Rates, Composition Scheme, Return Filing process etc. Leading to a wonderful gift to all taxpayers before Christmas from Santa Clause (through Government).
Arjuna: Krishna, GST Council has taken what all decisions?
Krishna: Arjuna, GST Council has taken decisions as below,
1. ITC- Claims for FY 2017-18 which were unclaimed earlier, can be claimed upto March 31st, 2019.
2. Composition Scheme- Rates under composition scheme for small service provider will be fixed to 5.0%.
3. Changes in Slab Rate- GST Council has reduced/changed Tax rates on products like TV, Monitors, Power Bank Batteries, Gear Boxes, Video Cameras and Retreaded Rubber Tyres from 28.0% to 18.0%. Also Movie tickets having price less than Rs. 100 will be charged under 12.0% and above Rs. 100 will be charges at 18.0%.
4. Return filing process- From April 1st, 2019, new process for filing Return will be tested on trial basis.
5. If GSTR 3b and GSTR 1 return has been filed before 31st March 2019 of period upto September 18 then late fees will be waived.
6. Taxpayers who have not filed the returns for two consecutive tax periods shall be restricted from generating e-way bills.
7. The due date for filing GST Annual return will be further extended to 30th June 2019.
Arjuna: Krishna, What should tax payers gain from this?
Krishna: Arjuna, Government has taken positive steps by making changes in the GST rules and given a Christmas gift to taxpayers. But all must watch effective date when above changes become applicable.
Courtesy : CA Umesh Sharma