{"id":3643,"date":"2018-01-19T12:24:15","date_gmt":"2018-01-19T06:54:15","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3643"},"modified":"2023-12-02T10:15:27","modified_gmt":"2023-12-02T04:45:27","slug":"highlights-of-gst-council-meeting-held","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/highlights-of-gst-council-meeting-held\/","title":{"rendered":"HIGHLIGHTS OF GST COUNCIL MEETING HELD"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e846e60dedf\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e846e60dedf\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/highlights-of-gst-council-meeting-held\/#Penalty_for_delayed_filing_GST_Return_%E2%80%93\" title=\"Penalty for delayed filing GST Return &#8211;\">Penalty for delayed filing GST Return &#8211;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/highlights-of-gst-council-meeting-held\/#Update_about_Cancellation_of_GST_Registration\" title=\"Update about Cancellation of GST Registration\">Update about Cancellation of GST Registration<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/highlights-of-gst-council-meeting-held\/#Enhance_The_Exemption_Limit_Resident_Welfare_Association\" title=\"Enhance The Exemption Limit Resident Welfare Association\">Enhance The Exemption Limit Resident Welfare Association<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/highlights-of-gst-council-meeting-held\/#25th_GST_Council_Meeting_Press_Release\" title=\"25th GST Council Meeting Press Release\">25th GST Council Meeting Press Release<\/a><\/li><\/ul><\/nav><\/div>\n<figure id=\"attachment_8677\" aria-describedby=\"caption-attachment-8677\" style=\"width: 550px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/07\/News-3-2.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-8677\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/07\/News-3-2-1024x576.jpg\" alt=\"www.carajput.com; GST\" width=\"550\" height=\"309\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/07\/News-3-2-1024x576.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/07\/News-3-2-300x169.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/07\/News-3-2-768x432.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/07\/News-3-2.jpg 1600w\" sizes=\"(max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-8677\" class=\"wp-caption-text\">www.carajput.com; GST<\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n<p><strong>CHANGED\/REDUCED IN GST RATE <\/strong><\/p>\n<p><strong>Rate Reduced from 28% to 18%<\/strong><\/p>\n<ul>\n<li>Motor vehicle will now attract 18% tax from earlier 28%.<\/li>\n<li>Buses, for use in public transport, which exclusively run on bio-fuels.<\/li>\n<li>To reduce <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> rate on services by way of admission to theme parks, water parks, joy rides, merry-go-rounds, go-carting and ballet, from 28% to 18%.<\/li>\n<\/ul>\n<p><strong>Rate Reduced from 18% to 12%<\/strong><\/p>\n<ul>\n<li>Rates of goods such as bio-diesel, packaged drinking water (packed in 20 litres bottle), drip irrigation system, mechanical sprayer, bio-pesticides, sugar boiled confectionery, etc. have been brought down to 12 percent from 18 percent.<\/li>\n<li>To reduce <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> rate on construction of metro and monorail projects (construction, erection, commissioning or installation of original works) from 18% to 12%.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>Rate Reduced from 18% to 5%<\/strong><\/p>\n<ul>\n<li>Tax on sales of liquefied petroleum gas (LPG) by private firms for domestic use has been reduced to 5% from 18%.<\/li>\n<li>To reduce GST rate on transportation of petroleum crude and petroleum products (MS, HSD, ATF) from 18% to 5% without ITC and 12% with ITC.<\/li>\n<li>To reduce GST rate (from 18% to 12%) on the Works Contract Services (WCS) provided by sub-contractor to the main contractor providing WCS to Central Government, State Government, Union territory, a local authority, a Governmental Authority or a Government Entity, which attract GST of 12%. Likewise, WCS attracting 5% GST, their sub-contractor would also be liable @ 5%.<\/li>\n<\/ul>\n<p><strong>Rate reduced from 12% to 5%<\/strong><\/p>\n<ul>\n<li>Tax rate on velvet fabric has been reduced to 5% from 12%<\/li>\n<\/ul>\n<p><strong>Rate reduced from 15%\/5%to 0%<\/strong><\/p>\n<ul>\n<li>Rice Bran will attract 0% tax from 5% earlier<\/li>\n<li>Cess on vehicles for ambulance also reduced to 0% from 15% earlier.<\/li>\n<li>Rate Change to NIL<\/li>\n<li>29 Handicraft items have been put in 0% slab.<\/li>\n<li>vibhuti and de-oiled brown rice will attract nil tax.<\/li>\n<\/ul>\n<p>More reads:<strong><a href=\"https:\/\/carajput.com\/blog\/reasons-for-the-movement-of-goods-under-the-gst\/\">Reasons for the Movement of Goods under the GST<\/a><\/strong><\/p>\n<p><strong>Rate Reduced from 3% to 0.25%<\/strong><\/p>\n<ul>\n<li>Diamonds and precious stones will now attract 0.25 percent <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> instead of 3 percent<\/li>\n<\/ul>\n<p><strong>When E-WAY bill introduce<\/strong><\/p>\n<ul>\n<li>The facility for generation, modification, and cancellation of e-Way Bills is being provided on trial basis on the portal\u00a0https:\/\/ewaybill.nic.in\/. Once fully functional<a href=\"https:\/\/carajput.com\/blog\/tag\/e-way-bill\/\"> e-Way Bill system will start functioning on the<\/a> portal\u00a0https:\/\/ewaybillgst.gov.in.<\/li>\n<li>E-way bill system would be rolled out from February 1 and 15 states are on board for obtaining <a href=\"https:\/\/carajput.com\/blog\/tag\/intra-state-taxable-supply\/\">intra-state<\/a> bill.<\/li>\n<li>Certain modifications are being made to the e-Way Bill rules which are to be notified nationwide for interstate 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.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Penalty_for_delayed_filing_GST_Return_%E2%80%93\"><\/span>Penalty for delayed filing <a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GST Return<\/a> &#8211;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>The late fee for delayed filing of GSTR-1, GSTR-5 &amp; GSTR-5A is being reduced to Fifty Rupees per day and shall be Rupees Twenty Five in case of Nil returns.<\/li>\n<li>The late fee for delayed filing of GSTR-6 shall be Rupees Fifty per day.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Update_about_Cancellation_of_GST_Registration\"><\/span>Update about Cancellation of <a href=\"https:\/\/carajput.com\/gst\/gst-registration.php\">GST Registration<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>The last date for filing of Form GST REG-29 for cancellation of registration by migrated tax payers is being extended to\u00a0March 31, 2018.<\/li>\n<li>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.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Enhance_The_Exemption_Limit_Resident_Welfare_Association\"><\/span>Enhance The Exemption Limit Resident Welfare Association<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>To enhance the exemption limit of Rs 5000\/- per month per member to Rs 7500\/- in respect of services provided by Resident Welfare Association (unincorporated or nonprofit entity) to its members against their individual contribution.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"25th_GST_Council_Meeting_Press_Release\"><\/span>25th GST Council Meeting Press Release<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Press release by the Government summarizing major policy changes announced by the 25th GST Council Meeting is reproduced below for reference:<\/li>\n<li>To exempt legal services provided to Government, Local Authority, Governmental Authority and Government Entity.<\/li>\n<li>\u00a0To allow ITC of input services in the same line of business at the GST rate of 5% in case of tour operator service<\/li>\n<li>\u00a0The law review committiee recommended to re-introduce reverse charge mechanism (RCM) only for dealers under composition scheme.<\/li>\n<li>\u00a0GST Council may in their next meeting decide requirement of filing only two returns i.e. GSTR 3B and GSTR 1 and may do away with GSTR 2 and GSTR 3.<\/li>\n<li>\u00a0GST Panel also decided to divide Rs 35,000 crore IGST collections between centre, states.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; CHANGED\/REDUCED IN GST RATE Rate Reduced from 28% to 18% Motor vehicle will now attract 18% tax from earlier 28%. Buses, for use in public transport, which exclusively run on bio-fuels. To reduce GST rate on services by way of admission to theme parks, water parks, joy rides, merry-go-rounds, go-carting and ballet, from 28% &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172,4],"tags":[867,857,858,866,856,865,862,861,863,864,860,859],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3643"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=3643"}],"version-history":[{"count":6,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3643\/revisions"}],"predecessor-version":[{"id":15510,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3643\/revisions\/15510"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3643"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3643"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3643"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}