GST Council Meeting: New GST Return form, disaster cess, sub-18 slab rate on agenda
Three things that could be high on agenda are New GST Return Form, more clarity on Disaster Cess and the announcement of items that will be moved under the Sub-18 GST slab.
New GST Return Form:
Taking feedback from industrialists as well as small traders, the centre is gearing up to introduce a new GST Return Form to simplify the GST Return (GSTR) filing process. Some new features like a questionnaire for filing GSTR-3B, generating pre-populated challan to avoid depositing cash under the wrong head, and one-click nil return filing are presumed to be introduced. However, it is being widely speculated that new GSTR will not be made mandatory until General Elections 2019. The same is expected to be available from April 2019 onwards but could be optional at this nascent stage.
Kerala was hit by one of country’s worst floods this year, and a huge hue and cry followed due to lack of funds for rebuilding the state. More clarity on Disaster Cess (10%) could be on the table to create a reservoir of funds to meet such emergency situations besides the National Disaster Relief Mechanism (NDRF).
GST Rate Cut:
The GST rate cut will get the spotlight in the GST Council Meeting today. While electronic goods like dishwashers, cameras, large screen TVs, air conditioners, etc currently under 28% GST slab, are expected to be brought under the 18% GST slab, items like cement and pneumatic tyres are also widely speculated to be removed from the ambit of 28% GST rate.
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