Arjuna (Fictional Character) : Krishna, 36th GST Council Meeting was held on 27th July, 2019. So, what were recommendations in the meeting?
Krishna (Fictional Character): Arjuna, In 36th GST Council Meeting the GST rates related to supply of few goods and services were proposed to change. Even extension of due dates were recommended.
Arjuna: Krishna, What were the proposed changes in GST rates of supply of goods or services?
Krishna: Arjuna, the following changes in GST rates of supply of goods or services were recommended:
These changes shall become effective from 1st August, 2019.
Arjuna: Krishna, What is Form GST CMP-02 about? What is it’s extended due date?
Krishna: Arjuna, When a dealer wants to opt for Composition Scheme under GST, they have to intimate the government about opting such scheme. This can be done by filing Form GST CMP-02.
The last date for filing of intimation by exclusive supplier of services through FORM GST CMP-02, for availing the option of payment of tax, has been extended from 31.07.2019 to 30.09.2019 vide press release dated 27th July 2019.
Arjuna: Krishna, What is Form GST CMP-08 about? What is it’s extended due date?
Krishna: Arjuna, from April 2019 the Composition scheme dealer is required to file quarterly return in Form GST CMP-08. It is statement for payment of self-assessed tax. In Form GST CMP-08, the composition scheme dealer is required to provide the details / summary of self-assessed tax payable for the given quarter. The return also acts as a challan for making payment of requisite tax.
The last date for furnishing statement containing the details of the self-assessed tax in FORM GST CMP-08 for the quarter April, 2019 to June, 2019 by taxpayers under composition scheme, has been extended from 31.07.2019 to 31.08.2019. CBIC extends last date to furnish FORM GST CMP-08 to 31.08.2019
Arjuna: Krishna, What should one learn from this?
Krishna: Arjuna, All the recommendations were on expected lines. The indications of rate reduction were given in Union Budget itself. The taxpayers engaged in trading of electric vehicles were given great relief. Let us expect even good days for new electric vehicle industry in near coming future.