Summary of Recommendations made during 31st GST Council Meeting held on 22.12.2018 related to E-Cash Ledger,  Refund,  For Return, Annual GST Return, Unavailed ITC, Late Fees, E-Way bill, Reduction Of GST On Services/Changed New rate wef 01.01.2019 And REDUCTION OF GST Goods New rate wef 01.01.2019.

Recommendations made during 31st GST Council Meeting held on 22.12.2018

1. For E-Cash Ledger

Serial
Number
Existing Rule Proposed Rule
1 Single e-cash ledger is available for IGST/CGST/SGST which runs into multiple pages and does not fit in computer screen. There will be single e-cash
ledger for each GST
separately.

2. For Refund

Serial
Number
Existing Rule Proposed Rule
1. CGST refund is transferred to Service tax office/ SGST refund is transferred to VAT office of the state. Single authority for sanction  of refund under both CGST  and SGST
2. After application for refund in form no.GST RFD-0 1 delaer is need to go service tax or VAT office for submission of hard copy along with  relevant documents All related documents are to be uploaded online. No need to physical visit to service tax or sale tax office for  submission.
3. Refund from cash ledger/refund of ITC for Inverted tax structure / refund of ITC for export/IGST paid on export are allowed There will be more refund as below-
a. Refund on account of assessment/provision al assessment/Appeal or any othet order.

3. For Return

Serial
Number
Existing Rule Proposed Rule
1 GSTR-3B,GSTR- 1 ,GSTR-4 etc are filed within various due date New Simple GSTR sahaj and sugam shall be available from 01.04.2019 on optional basis and from 01.07.2019 it shall be mandatory.

4. For Annual Return

Serial
Number
Existing Rule Proposed Rule
 1 GSTR-9,9A and 9C for the FY-2017-2018 duedate was 31.03.2019 It is further extended till 30.06.2019
2 None All due returns must be filed to enable filing of GST Annual Return.
3 HSN code for purchase is mandatory HSN code is required to furnish only in case where value of a particular purchase comprises 10% or more of total value of inward supply.
4  None Additional payment of tax if any must be paid by filing of GST-DRC-03 in cash only (cash means by creating challan).

5. For unavailed ITC

Serial
Number
Existing Rule Proposed Rule
1 ITC missed on purchase invoices for the FY- 2017-2018 should be claimed in GSTR-3B for the month of September-2018 The due date is extended till 31.03.2019. Dealer can
claim ITC of missed invoices for the FY-2017-2018 latest by GSTR-3B for the month of March-2019

6. For Late Fees

Serial
Number
Existing Rule Proposed Rule
1 Late fees is applicable for late filing of GSTR- 3B and GSTR-4. It is Rs.50.00 (25+25) in case of taxable return and Rs.20.00 (10+10) in case of Nil return. Entire late fees for the FY-
2017-2018 and upto
September-2018 shall be
waived off for all type of tax
payer provided that pending returns such as GSTR-3B, GSTR- 1 or GSTR-4 as applicable should be filed before 31.03.2019.

7. For E-Way bill

Serial
Number
Existing Rule Proposed Rule
1 None If return is not filed for 2
consecutive tax period , E-
waybill generation will be
locked.

8. REDUCTION OF GST ON SERVICES/CHANGED New rate wef 01.01.2019

Serial
Number
Name of Service Existing
rate
Proposed new
rate
1 Cinema ticket above Rs. 100.00 28% 18%
2 Cinema ticket below Rs. 100.00 18% 12%
3. Services from bank for account holders of Pradhan Mantri Jan Dhan Yojna 18% Exempt
4 Services provided by rehabilitation professionals to govt. hospital, college etc Exempt
5 Services provided by GTA to government departments which is registered in GST for TDS only RCM Exempted
6 Services provided by UR business facilitator or Business Correspondent to bank Exempt RCM
7 Canteen Services to educational Institute

5%

9. REDUCTION OF GST GOODS New rate wef 01.01.2019

Serial
Number
Name of Service Existing rate Proposed new
rate
1 Pulleys, transmission shafts and cranks, gear box etc falling under HSN 8483 28% 18%
2 Monitors and TV screen size upto 32” 28% 18%
3. Re-treaded or used pneumatic tyres of rubber 28% 18%
4 Power banks of lithium ion battery 28% 18%
5 Digital camera and video camera recorder 28% 18%
6 Video games consoles and other games and sports requisites falling under HSN 9504 28% 18%
7 Parts and accessories used for the carriage of disable persons 28% 5%
8 Cork all types 18% 12%
9 Marble rubble 18% 5%
10 Natural Cork, Walking Stick, Fly ash blocks 12% 5%
11 Music books 12% NIL
12 Vegetables which is frozen, branded and put in unit container or provisionally preserved but not suitable to consume in that state 5% NIL

Source- http://icmai.in

More Under Goods and Services Tax

0 Comments

  1. Devendra Sharda says:

    Still GSTR 3B and GSTR 4 upto the month of Sept,2018 are not accepting without late fees? when It will be accepted to file without late fee?

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