VMR AND CO. Chartered Accountants

Reduction in GST rates effective from 1st January, 2019 GST Council in the 31 meeting held on 22 December, 2018 at New Delhi took following decisions relating to changes in GST rates on goods and services. The decisions of the GST Council have been presented in this note for easy understanding. The same would be given effect to through Gazette notifications/ circulars which shall have force of law. I. GST rate reduction on goods which were attracting GST rate of 28% : A. 28% to 18% Pulleys, transmission shafts and cranks, gear boxes etc., falling under HS Code 8483 Monitors and TVs of upto 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. B. 28% to 5% Parts and accessori...

Key Recommendations made during 31Meeting of the GST Council The GST Council in its 31 meeting held today at New Delhi made the following policy recommendations: 1. There would be a single cash ledger for each tax head. The modalities for implementation would be finalised in consultation with GSTN and the Accounting authorities. 2. A scheme of single authority for disbursement of the refund amount sanctioned by either the Centre or the State tax authorities would be implemented on pilot basis. The modalities for the same shall be finalized shortly. 3. The new return filing system shall be introduced on a trial basis from 01.04.2019 and on mandatory basis from 01.07.2019. 4. 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. 5. The following clarificatory changes, inter-alia, shall be carried out in the formats/instructi...