- From April 1, 2019 trial for new Single GST Return will start. Only one GST return will have to be filed by the Tax Payer.
- Input Tax Credit (ITC) for the finalcial year 2017-2018 can now be claimed up to the due date for filing of GSTR-3B for March 2019
- GSTR-9, 9A and 9C filing due date has been extended to 30th June, 2019
- In the event of failure to file GST Returns consecutively for two tax periods, e-way bill will be locked. You will not be able to generate e-way bills.
- Late fee has been waived off for those filing GSTR-1 / 3B / 4 for the months / quarters from July, 2017 to September, 2018 between 22nd December 2018 and 31st March 2019.
- Interest will now be calculated on the Net tax liability arrived after deducting Input tax credit.
- GST Rate cuts were announced for some more goods and services such as TV sets, gaming consoles, cameras, movie tickets, third party vehicle insurance and so on.
The GST Council reduced tax rates on 23 goods and services, including movie tickets, TV/monitor screens and power banks, and exempted frozen and preserved vegetables from the levy. Of the 23 goods & services on which rates have been slashed, the tax rate on 7 items in the 28% slab has been brought down. With this, only 28 goods are left in the highest 28% tax bracket. The reduced rates are likely to come into effect from January 1, 2019.
GST slashed from 28% to 18%
- Pulleys, transmission shafts and cranks, gear boxes etc., falling under HS Code 8483
- Monitors and TVs of up to screen size of 32 inches
- Re-treaded or used pneumatic tyres of rubber;
- Power banks of lithium ion batteries. Lithium ion batteries are already at 18%. This will bring parity in GST rate of power bank and lithium-ion battery.
- Digital cameras and video camera recorders
- Video game consoles and other games and sports requisites falling under HS code 9504.
GST slashed from 28% to 5%
- Parts and accessories for the carriages for disabled persons
GST rate reduction on services
- GST rate on cinema tickets above Rs. 100 shall be reduced from 28% to 18% and on cinema tickets up to Rs 100 from 18% to 12%.
- GST rate on third party insurance premium of goods carrying vehicles shall be reduced from 18% to 12%
- Services supplied by banks to Basic Saving Bank Deposit (BSBD) account holders under Pradhan Mantri Jan Dhan Yojana (PMJDY) shall be exempted.
- Services supplied by rehabilitation professionals recognised under Rehabilitation Council of India Act, 1992 at medical establishments, educational institutions, rehabilitation centers established by Central Government / State Government or Union Territories or entity registered under section 12AA of the Income-tax Act shall be exempted.
- Services provided by GTA to Government departments/local authorities which have taken registration only for the purpose of deducting tax under Section 51 shall be excluded from payment of tax under RCM and the same shall be exempted.
- Exemption on services provided by Central or State Government or Union Territory Government to their undertakings or PSUs by way of guaranteeing loans taken by them from financial institutions is being extended to guaranteeing of such loans taken from banks.
- Air travel of pilgrims by non-scheduled/charter operations, for religious pilgrimage facilitated by the Government of India under bilateral arrangements shall attract the same rate of GST as applicable to similar flights in Economy class (i.e. 5% with ITC of input services).
GST rate reduction on other goods 18% to 12%
- Cork roughly squared or debagged
- Articles of natural cork
- Agglomerated cork
GST rate reduction 18% to 5%
- Marble rubble
GST rate reduction 12% to 5%
- Natural cork
- Walking Stick
- Fly ash Blocks
GST rate reduction 12% to Nil
- Music Books
GST rate reduction 5% to Nil
- Vegetables, (uncooked or cooked by steaming or boiling in water), frozen, branded and put in a unit container
- Vegetable provisionally preserved (for example by sulphur dioxide gas, in brine, in sulphur water or in other preservative solutions), but unsuitable in that state for immediate consumption.
- Exemption from GST on supply of gold by Nominated Agencies to exporters of article of gold Jewellery.
- Exemption from GST on proceeds received by Government from auction of gifts received by President, Prime Minister, Governor or Chief Minister of a State and public servants, the proceeds of which is used for public or charitable cause.
- Exemption from IGST/Compensation cess on vehicles imported for temporary purposes under the Customs Convention on the Temporary importation of Private Road Vehicles (carnet de passages-en-douane).
- Rate of 5%/18% to be applied based on transaction value of footwear
- Uniform GST rate of 12% on Flexible Intermediate Bulk Container (FIBC) from existing 5%/12% (depending on the value)