GST Council Meeting: Outcome and Updates

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GST Council meeting & updates

The 38th GST Council meeting was held on December 18, 2019, Wednesday. Prior to the meeting, speculations were being made regarding the changes that would crop up in the meeting which turned out to be false. The outcome of the meeting depicts that the GST Council decided to follow and keep a neutral front going forward. Some important points to take note of are:

GST Council meeting-outcomes and updates
GST Council meeting-outcomes and updates

• The GST Council voted for a uniform rate of 28% on lotteries across the country. The new rate for the lottery will come into effect from March 2020. During the voting, 21 states voted in favor of a uniform rate.

• This is the first time since the launch of the new, overarching, indirect tax that the GST Council has taken a decision through voting.

• The GST Council also changed the tax rate on woven and non-woven bags to 18%.

• The government will provide an exemption on long-term lease for industrial plots to facilitate the setting up of industrial parks.

• The annual deadline of filing GSTR 9 has been extended to January 31, 2019, and the late fee for all taxpayers who have not filed GSTR1 from July 2017 to November 2019 has been waived.

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