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Saturday 20 January 2018

Key Highlights of 25th GST Council Meet

The GST Council met on 18th Jan to discuss GST Returns consolidation, rate cuts and more. While a few changes were announced, the council has decided to meet again in 10 days to come to consensus on various matters. Here is a summary of the:
1. Late fee reduction:
a. GSTR-1, GSTR-5, GSTR-5A and GSTR-6 - late fee is reduced to Rs. 50 per day
b. Nil return filed for GSTR-1, GSTR-5, GSTR-5A – late fee is reduced to Rs. 20 per day
2. Cancellation of registration by voluntary registrants can be applied before expiry of 1 year from the date of registration.
3. Cancellation of registration (REG - 29) by migrated taxpayers extended till 31st March 2018
4. After successful implementation of e-Way Bills, the e-Way Bill portal to be shifted to
5. Certain modifications to e-Way Bill rules to be notified soon.
6. Recommendations made by Handicraft Committee has been accepted by the Council. The rates are to be worked out later.
7. GST rates for 29 Goods and 53 Services have been reduced. These rates are going to come into effect from 25th January 2018.
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