New Delhi: The new year is going to bring cheer with cheaper movie tickets, television sets, power banks, music books, video games and digital cameras. It was a Christmas bonanza to the common man as well.
“Council felt it (revenue) is too steep at the moment,” said Mr Jaitley. Besides cement, auto parts, AC and dishwashers, now only luxury and sin items are in the highest 28 per cent tax bracket.
GST on movie tickets costing up to Rs 100 was cut to 12 per cent, from 18 per cent, tickets over Rs 100 will attract 18 per cent GST, against 28 per cent earlier. This cut in GST on mass entertainment will have annual revenue implication of Rs 900 crore. GST rates on movie tickets have been changed earlier also. However, still the rates are not uniform.
GST on walking stick was reduced from 12 per cent to 5 per cent. GST on music books cut from 12 per cent to zero. GST rate on third party insurance premium of goods carrying vehicles will be reduced from 18 per cent to 12 per cent.
Also air travel of pilgrims by non-scheduled/charter operations, for religious pilgrimage facilitated by the Government of India under bilateral arrangements will attract the same rate of GST as applicable to similar flights in economy class ( 5 per cent with ITC of input services). It was currently attracting 18 per cent GST.
Services supplied by banks to basic savings bank account and Jan Dhan accounts will be exempt from GST.
GST Council in its next meeting in January would consider rationalisation of tax rates on residential properties and raising the threshold exemption limit for MSMEs from the current Rs 20 lakh.
It will also consider a composition scheme for small suppliers, a calamity cess and tax rates on the lottery.
The Goods and Services Tax Council on Saturday approved the proposal to form a “seven-member Group of Ministers” to analyse reasons affecting the revenue collection in some of the states. It decided that there would be a single cash ledger for each tax head.
Taxpayers who have not filed the returns for two consecutive tax periods shall be restricted from generating e-way bills.
It was decided that new return filing system will be introduced on a trial basis from 1st April 2019 and on mandatory basis from July 2019.
The due date for furnishing the annual returns in FORM GSTR-9, FORM GSTR-9A and reconciliation statement in FORM GSTR-9C for the FY2017 - 2018 has been further extended till 30 June next year. 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 GST Council decided to amend GST act to allow creation of a Centralised Appellate Authority for Advance Ruling (AAAR) to deal with cases of conflicting decisions by two or more State Appellate Advance Ruling Authorities on the same issue....