The Union Finance Minister Shri Arun Jaitley Chaired the 25th Meeting of the GST Council in New Delhi today. The following Policy Changes have been recommended by the GST Council in its 25th meeting held today:
1. The late fee payable by any registered person for failure to furnish FORM GSTR-1 (supply details), FORM GSTR-5 (Non-resident taxable person) or FORM GSTR-5A (OIDAR) is being reduced to fifty rupees per day and shall be twenty rupees per day for NIL filers. The late fee payable for failure to furnish FORM GSTR-6 (Input Service Distributor) shall be fifty rupees per day.
2. Taxable persons who have obtained voluntary registration will now be permitted to apply for cancellation of registration even before the expiry of one year from the effective date of registration.
3. For migrated taxpayers, the last date for filing FORM GST REG-29 for cancellation of registration is being extended by further three months till 31st March, 2018.
4. The facility for generation, modification and cancellation of e-way bills is being provided on trial basis on the portal ewaybill.nic.in. Once fully operational, the e-way bill system will start functioning on the portal ewaybillgst.gov.in
5. Certain modifications are being made to the e-way bill rules which are to be notified nationwide for inter-State movement with effect from 01.02.2018 and for intra-State movement with effect from a date to be announced separately by each State but not later than 01.06.2018.
6. The report and recommendations submitted by the Committee on Handicrafts were also accepted by the GST Council.
Also Read-
- GST Rate changes on services by 25th GST Council Meeting
- 25th GST Council Meeting reduces GST Rate on Certain Goods
Policy changes as per GST Council meeting dt. 18th Jan. 2018 provide immense relief to GST registrants on three counts:
1. Reduction in late fee for filing GSTR-1, 5 and 6 which is mostly attributable to poor functioning of GST site;
2. Persons voluntary registered shall have an option to get RC cancelled even before one year. It shall also reduce burden for large number of Nil filers.
3. It is big relief for those who were compulsorily migrated but could not get their registration cancelled can now do so by filing Form 29 by 31.3.2018.
4. Reduction in rates of tax on services shall also augment business and tax collection
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the gst gov.act implement new notifications due to GST R1 AND GST R2 GST R 3B SOME TRADERS NOT KNOWN SUBMIT THE RETURNS WHEN THEY ARE DUE DATES WHO WAS INTIMATIONS OF THE DEPT. WHEN SUBMIT THE RETURN IT COMES LATE FEE RETRUN PENALY LIEVED SO KINDLY GIVE ME TIME FOR GST R 1 AND GSTR 3B