GST Latest Updates on Tax Rates

GST Returns council made the most awaited announcement about the tax rates on various categories in the month of 18th January 2018. There has been hype around these rates for a while and now these rates are finally in the public domain.

GST rates already have created a huge wave of curiosity across the trade bodies and industry when it got announced. Everyone is evaluating their position as a result of this change.

Key decisions are taken in the 25th council meet:

Cancellation of registration by voluntary registrants can be applied before the expiry of 1 year from the date of registration.

Late fee reduction:

For GSTR-1, GSTR-5, GSTR-5A, and GSTR-6, the late fee has been reduced to Rs.50 per day.

If the Nil return is filed for GSTR-1, GSTR-5, GSTR-5A, the late fee has been reduced to Rs.20 per day.

GST Returns  On the successful implementation of e-way bills, the e-way bill portal has been shifted to ewaybillgst.gov.in

Recommendations which are made by the handicraft committee have been accepted by the council. The rate considerations will be worked out later.

GST rates for 29 goods and 53 services have been reduced.

GST Returns rate changes for goods:

Rates

Nil rated goods:

Parts and accessories for the manufacturing of hearing aids.

De-oiled rice bran.

GST rate changes for services:

GST Returns GST rate at 5% on the small housekeeping service providers which is notified under the section 9(5) of the act provides the housekeeping services through ECO without availing the input tax credit.

GST rate of 28% on the actionable claim in the form of a chance to win in gambling, betting which also includes horse racing.

Exempted services list and the related changes:

Legal services provided to the local authority, government, governmental entity, and authority.

Transportation of goods from India to a place outside India by air or sea until 30th September 2018.

Dollar-denominated services provided by financial intermediaries located in IFSC SEZ, which have been deemed to be outside India under the various regulations by IRDAI, RBI, SEBI or any financial regulatory authority to a person outside India.

Lease of land:

By local authority or government to a governmental authority or government entity.

Supply as a part of the specified composite supply of construction of flats etc.

Admission to or conduct of examination provided