GST Council in its 38th Meeting held yesterday on 18 December 2019, has announced various measures, particularly focusing on the compliances and wrongful availment of Input tax credit.
In addition, the Council has also extended the date of filing of the GST Annual Returns and Reconciliation Statement from 31 December 2019 to 31 January 2020.
1. On GST Returns
2. On Input tax credits
3. GST Rates
|Sl. No.||Particulars||Existing position||Announcement on the 38th Council Meeting||Effective date|
|1||CH – 9972 Upfront amount payable for long term lease of industrial/ financial infrastructure plots||Exemption available to an entity having 50 per cent or more ownership of Central or State Government||Scope enhanced to allow exemption for entities having 20 per cent or more ownership of Central or State Government||1 January 2020|
|2||Lottery run by state Government||GST rate 12 per cent||28 per cent||1 March 2020|
|3||Lottery Authorised by State Government||GST rate 28 per cent||Continue to remain at 28 per cent||NA|
|4||CH 3923 or 6305 – Woven and non-woven bags and sacks of polyethylene or polypropylene strips or the like, whether or not laminated, of a kind used for packing of goods.||GST rate 12 per cent||18 per cent||1 January 2020|
Copy of Press Release Notes issued by the Ministry of Finance can be viewed by clicking at the links provided below:
|1.||38th GST Council’s decisions On Rate Changes|
|2.||38th GST Council Meeting – Presentation on GST Revenue Trends|
|3.||38th GST Council’s decisions on Law and Procedural changes|