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GST Updates

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GST Updates
17th GST Council meeting concludes, affirms rollout of GST from midnight of June 30 & July 1 while approving 5 set of GST Rules out of 6 viz. Ant-profiteering, Advance Ruling, Appeal & Revision, Assessment and Funds Settlement Rules; An alternate Rule to operate on E-Way Bill till consolidated one is fixed; Hotel tariffs between Rs. 2000/- to Rs 7,500/- will attract 18% GST, whereas 28% GST rate will apply to hotel tariff above Rs. 7,500/-; 2 GST rates for lotteries viz. 28% for private & 12% on State authorized lotteries; Defers Returns filing due date for July & August to August 20 & September 20 respectively, introduces Form GSTR-3B for said two months to be filed on self-declaration basis reflecting supplies and output tax liability; GSTR-1 reflecting invoice wise outward supply details for July can be filed in the system by September 5, while that of August can be filed by September 20; New businesses would get 30 days to register under GST from June 25; FM Arun Jaitley says “want to use anti-profiteering only as a deterrent, hope not compelled to use it”; Next GST Council meeting to be held on June 30 : FM Arun Jaitley
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Ujjwal Thakur
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Comments

  1. Laura Bush16 September 2019 at 22:00

    You have shared a nice article here about the GST. Your article is very informative and nicely describes the latest GST updates. I am thankful to you for sharing this article here. Gst Registration Online India

    ReplyDelete

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