Glimpse of 38th GST Council Meeting

The GST Council voted on a matter for the first time during its meeting. The panel voted in favour of a single GST rate of 28 per cent for lotteries.

New GST rate for lotteries will be implement on March 1, 2020 – GST rates rationalised for woven and non-woven bags and sacks made of polyethylene

GST Council decided to waive GST payable for industrial and financial infrastructure plots by entity with 20 per cent or more ownership of Centre or state government. This change will be effective from January 1, 2020. – GST Council has extended the annual return date for GSTR-9 and reconciliation form GSTR-9C for FY 2017-18 to January 31, 2020 – GST Council has decided to waive late fee for taxpayers who have not filed returns from July 2017 to November 2019 if all the returns are filed by January 10, 2020. This has been done to facilitate filing all past returns as GSTR-1 is important for invoice mathcing. In case the taxpayer do not file GSTR-1 by January 10, 2020, the e-way bill will be blocked for them. – Measures to block fraudulently availed input tax credit in certain situation have been devised. – Measures to augment tax collection were discussed.