Important decisions have been taken Saturday in the 31st meeting of GST Council regarding ITC eligibility criteria, exemptions issue and rate rate rationalization. Six items were downgraded from the 28 percent tax slab while 33 items from 18 percent. Services provided to Basic Savings Bank Deposit (BSBD) account holders have also been exempted.
Lately audience tried to remain away from theatres. The council has cut down rate on movie tickets and it is believed people will be interested to watch movies in cinema halls.
The rate rationalization is to impact revenue of about Rs 6,000 crore. Considering the interests in this regard of government cement has not been touched in the meeting. It is still under 28 percent slab as revenue generated from it is Rs 13,000 crore. The automobile parts are under 28 percent to 18 percent slab and generate Rs 33,000 crore. The e-bill showed positive impact on revenue, but below what was projected.
Meanwhile, the GST Council has extended due date for furnishing annual returns in Form GSTR-9, Form GSTR-9A and reconciliation statement in Form GSTR-9C for FY2017-18 to June 30, 2019. Small scale traders may find the decision as a huge relief.
The government will be introducing new return filing system from April 1, 2019 and currently it would be in a trial phase. If the trial run succeeds, it would be implemented on a mandatory basis from July 1, 2019.
Seven-member Group of Ministers (GoM) has been approved to study revenue trend as revenue collections are below projection until now.
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