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31st GST Council Meet Dated 22nd December, 2018 – Key Highlights *Due date for GST Annual Return and Audit Report extended till 30th June 2019. *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.* *Amendment of section 50 of the CGST Act to provide that interest should be charged only on the net tax liability of the taxpayer, after taking into account the admissible input tax credit, i.e. interest would be leviable only on the amount payable through the electronic cash ledger.* *5% GST on Air Tickets for Economy Class for Pilgrims. 12% on Premium Tickets. *Group of Ministers (GoM) to study Issues of Low Revenue in some States. *Only Luxury and Sin Products in 28% Slab Now. Out of this, rates of 6 Items reduced Today. *GST on Movie Tickets reduced. 12% GST on Tickets up to 100 and Rs. 18% on Tickets valuing more than 100 Rupees. *30000 crores given as Compensation to States in last 6 months. GST on Video Games and Sports Items reduced to 18% 12% GST on Third-Party Insurance carrying Vehicles. *Air conditioners, dishwashers largely used by upper segment of society, left at 28%. *13 items of automobile parts, 8 items of cement industry will remain under the 28 per cent. *Composition Scheme to be restricted for Small traders only. Threshold Limit for Scheme will also be modified. Final Decision in Next Meeting. *Natural Calamity Cess: Final Decision in Next Meeting *Services supplied by banks to PMJDY to be exempted from GST *Services by Banks to Basic Savings Deposit Accounts, PMJDY exempted from GST More information write to us
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