GST-Here are some of the major announcements in GST council neet dt : 18th Dec 2019 1. The Council decided that input tax credit will now be...
GST-Here are some of the major announcements in GST council neet dt : 18th Dec 2019
1. The Council decided that input tax credit will now be restricted to 10 percent as against 20 percent earlier if invoices not uploaded.
2. Deadline for GSTR 9 and GSTR 9C return filing for 2017-18 extended to January 31, 2020 from December 31, 2019 .
3. Penalty for non-filing of GSTR-1 from July 2017 relaxed . Late fee waived for all assessees failed to file GSTR 1 , if they file it by 10th January 2020.
4. GST Council exempts 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% for woven and non-woven bags.
7. Uniform rate of 28% for lotteries.
At present, lotteries run by state governments attract 12% GST while those authorised by them and sold outside the state are taxed at 28%.
8. E-way bill for those who haven't filed GSTR-1 for 2 tax periods shall be blocked.
9. Standard procedure for officers 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 Nov 19 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 and including certain representatives.
COMMENTS