GST Council extends Due Dates for Annual Returns and Other GST Returns

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However, the GST Council in its meeting on Saturday made a decision to take out 6 items from this list.

Amendment of section 50 of the CGST Act to provide that interest should be charged only on the net tax liability of the taxpayer, after taking into account the admissible input tax credit, i.e. interest would be leviable only on the amount payable through the electronic cash ledger.

"The Council has approved the proposal to form a seven-member GoM to study the revenue trend, including analysing reasons for structural patterns affecting revenue collection in some of the states", Jaitley said. GST rates have been reduced on 32-inch TV. Also third party insurance premium of goods carrying vehicles has been reduced from 18 per cent to 12 per cent. In addition, tax rate on lotteries, and taxation of residential properties in the real estate sector will also be looked at by the law and fitment committee.

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The Finance Minister said that there will be no GST cut on cement and auto parts.

Jaitley said revenue collection has been higher in case of manufacturing, and tepid in case of services. During media briefing after the meeting, Jaitley said, "Here are 28 items left in the 28% bracket if we include luxury and sin items".

Jaitley further said that the Council has decided that businesses which are supposed to pay GST and file returns but have not done so far, should file it by March 31, 2019, to avoid penalty. Officials from MP, Rajasthan, Chhattisgarh oppose major rate cut.

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Finance Minister Arun Jaitley on Saturday expressed confidence that the government will meet the fiscal deficit target of 3.3 per cent of GDP for the current fiscal year, despite a revenue loss due to reduction in GST (Goods and Services Tax) rates. The council comprises representatives from the central and all state governments.

The neutrality if the council in the decision making thus stands severely eroded and will be highly detrimental to the future functioning of the GST Council, he had said. Exported Gold ornaments will not attract any GST. As many as 16 items were moved from the 18% tax brackets to 12% and 5% brackets.

GST rate of 5% rate has been prescribed on renewable energy devices & parts for their manufacture (bio gas plant/solar power based devices, solar power generating system (SGPS) etc) [falling under chapter 84, 85 or 94 of the Tariff]. "13 items are from automobile parts and one is cement", he added.

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GST rates on movie tickets costing up to Rs 100 have been slashed to 12 per cent from 18 per cent, whereas tickets over Rs 100 which had 28 per cent GST rate will now bear only 18 per cent. "We are glad that the GST Council has recognised the issue".