GST Council Meet: Know key outcomes

The GST Council has decided to keep single GST rate of 28 % on state run and private lottery. Read the article to know major decisions made in the meeting.

New Delhi: Finance Minister Nirmala Sitharaman chaired the 38th GST Council Meet on Wednesday. The meeting was also attended by the Union Minister of State for Finance & Corporate Affairs Anurag Thakur besides Finance Ministers of States & UTs and senior officers of Ministry of Finance.

Here is the list of key decisions made in the meeting:-

• Single GST rate of 28 % on state run and private lottery. Rate changes will be effective from March 1, 2020
• Extention of the annual return date GSTR9, 9C for 2017-18 to January 31,2020 from December 31,2019
• The Council rationalised tax rate on woven and non-woven bags to 18 per cent
• Waiver of late fee to be given to all taxpayers in respect of all pending FORM GSTR-1 from July 2017 to November 2019 if all returns are filed before January 10, 2020
• The Council has decided to exempt GST payable on long term lease of industrial or financial infrastructure plot by an entity having 20 per cent or more ownership of centre or state government to facilitate setting up of industrial parks
• Grievance redressal committees will be set up at state or zonal levels with both CGST and SGST officers and including representatives of trade and industry and other GST stakeholders (GST practitioners and GSTN etc.). These committees will address grievances of specific/ general nature of taxpayers at the Zonal/ State level
• E-way Bill for taxpayers who have not filed their FORM GSTR-1 for two tax periods shall be blocked
• Due date of filing GST returns for the month of November, 2019 to be extended in respect of a few North Eastern States
• Input tax credit will now be restricted to 10 per cent against 20 per cent
• The Council also approved various law amendments which will be introduced in Budget 2020.