The GST Council in its 31st meeting held today at New Delhi made the following policy recommendations:
1) The due date for furnishing the annual returns in FORM GSTR-9, FORM GSTR-9A and reconciliation statement in FORM GSTR-9C for the Financial Year 2017 – 2018 shall be further extended till 30.06.2019.
2) ITC in relation to invoices issued by the supplier during FY 2017–18 may be availed by the recipient till the due date for furnishing of FORM GSTR-3B for the month of March, 2019, subject to specified conditions.
3) Late fee shall be completely waived for all taxpayers in case FORM GSTR-1, FORM GSTR-3B &FORM GSTR-4 for the months / quarters July, 2017 to September, 2018, are furnished after 22.12.2018 but on or before 31.03.2019.
4) The new return filing system shall be introduced on a trial basis from 01.04.2019 and on mandatory basis from 01.07.2019.
5) Taxpayers who have not filed the returns for two consecutive tax periods shall be restricted from generating e-way bills. This provision shall be made effective once GSTN/NIC make available the required functionality.
6) GST Rates of 7 items reduced from 28% to 18% . Items include tyres, VCR, billiards & snookers and lithium batteries.
7) GST Rate of 33 items have come down from 18% tax slab to 12% and 5% tax bracket as they are common man’s consumption goods. These items include Third Party insurance Vehicle and Solar Power Systems
8) The GST Council is also looking into introducing composition scheme for the real estate sector. A view on Real Estate sector will be taken in next GST Council meeting
9) A composition Scheme will be framed for Small Service provider. Threshold and mechanism will be decided in next GST Council Meeting