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25th Meeting

Key Points of 25th Meeting of GST council :The Union Finance Minister Shri Arun Jaitley Chaired the 25th Meeting of GST Council in New Delhi today. The Council has recommended policy changes and  certain changes in GST/IGST rate and clarifications in respect of GST rate on Goods specified below as per discussions in the 25th GST Council Meeting held today. These decisions of the GST Council are being communicated for general information, and will be given effect to through Gazette notifications / circulars which only shall have the force of law.

A. The following Policy Changes have been recommended by the GST Council:

  1. The late fee payable by any registered person for failure to furnish FORM GSTR-1 (supply details), FORM GSTR-5 (Non-resident taxable person) or FORM GSTR-5A (OIDAR) is being reduced to fifty rupees per day and shall be twenty rupees per day for NIL filers. The late fee payable for failure to furnish FORM GSTR-6 (Input Service Distributor) shall be fifty rupees per day.
  2. Taxable persons who have obtained voluntary registration will now be permitted to apply for cancellation of registration even before the expiry of one year from the effective date of registration.
  3. For migrated taxpayers, the last date for filing FORM GST REG-29 for cancellation of registration is being extended by further three months till 31st March, 2018.
  4. The facility for generation, modification and cancellation of e-way bills is being provided on trial basis on the portal www.ewaybill.nic.in. Once fully operational, the e-way bill system will start functioning on the portal www.ewaybillgst.gov.in
  5. Certain modifications are being made to the e-way bill rules which are to be notified nationwide for inter-State movement with effect from 01.02.2018 and for intra-State movement with effect from a date to be announced separately by each State but not later than 01.06.2018.
  6. The report and recommendations submitted by the Committee on Handicrafts were also accepted by the GST Council.

BRecommendations made on GST Rate changes on services in the 25th Meeting of GST Council:

Refer recommended Changes 

C. Recommendations for Changes In GST/IGST Rate and Clarifications in Respect of GST Rate on Certain Goods:

Refer recommended Changes

D. Other Points:

  • GSTR-3B Returns filing may continue and suppliers may continue to load invoices.
  • 15 states agree on Intra-state e-way bill.
  • Decision on petroleum products deferred.
  • No decision on real-estate, will be taken up in next meet

Sources: PIB.NIC.IN


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