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 ewaybillgst.gov.in
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.
For any assistance with GST, call us on 9900397777 or write to us at info@preethamandco.com
For any assistance with GST, call us on 9900397777 or write to us at info@preethamandco.com
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