खुशखबरी वित्त मंत्री ने दी जीएसटी में बड़ी राहत -नहीं भरनी पड़ेगी GSTR-9,9A

GST  में राहत

 S K and Associates

Announced the reduction of GST rates on a slew of items. All rate changes would be effective from 1 October

Higlights:

·         A uniform GST rate of 12 % will be levied on woven/non-woven polyethylene bags

·         GST council cuts tax rates on job work in diamond industry to 1.5% from 5%

·         In a major boost to gems and jewellery sector, the Council recommended to reduce GST on cut and polished semi-precious items to 0.25 per cent from 3 per cent now

·         GST Council cuts tax on hotel room tariffs of ₹1,000 to ₹7,500/night to 12%; those above ₹7,500 to 18%

·         The GST on caffeinated beverages has been hiked to 28% plus additional cess of 12% as against the current rate of 18 per cent.

·         GST council cuts tax rates for outdoor catering to 5% from 18%

·         GST Council recommends lower 12% cess on 1,500 cc diesel, 1,200 cc petrol vehicles with capacity to carry up to 13 people

·         A uniform GST rate of 12% will be levied on woven/non-woven polyethylene bags

·         Uniform GST rate of 12% to be levied on polypropylene bags and sacks used for packing of goods

·         the Council has reduced rates for cups and plates made from leaves and hides to nil.

·         The tax on almond milk has been set at 18%

·         GST rate hiked on railway wagon, coaches from 5% to 12%

·         Exemption from GST/IGST is being given on import of specified defence goods not being manufactured indigenously, it's being extended only up to 2024

·         Supply of goods & services to FIFA & other specified persons also exempted for U17 Women's World Cup in India

·         GST rate on slide fasteners has been reduced from 18% to 12%,

·         Marine fuel from 18% to 5%

·         12% to 5% on wet grinders consisting of stone as a grinder,

·         5% to nil on dried tamarind.

 Finance Minister ANNOUNCEMENT

👉🏽Corporate tax rate to be 22% without exemptions, inclusive of surcharge and cess. 

👉🏽No Minimum Alternate Tax (MAT) applicable on such companies

👉🏽Effective corporate tax rate after surcharge to be 25.17 percent

👉🏽To attract investment in manufacturing, local companies incorporated after October 2019 will pay tax at 15 percent

👉🏽That effective tax for new companies shall be 17.01 percent, including cess and surcharge. Companies enjoying tax holidays would be able to avail concessional rates post the exemption period.

👉🏽Will give MAT relief for those opting to continue paying surcharge and cess. MAT has been reduced to 15 percent from 18.5 percent for companies who continue to avail exemptions and incentives

👉🏽To stabilise flow of funds into the market the enhanced surcharge announced in Budget 2019 will not apply on capital gains arising on sale of any security, including derivatives by foreign portfolio investors (FPI)

👉🏽For listed companies which made announcement for public buyback before July 2019 it is provided that tax on buyback on shares of such companies will no more be charged

👉🏽Total revenue foregone by undertaking these measures is Rs 1.45 lakh crore per year.

 GST Council Important Decision 

1.  GST Annual Returns GSTR-9, 9A Optional for those with turnover upto 2cr for FY 17-18 & 18-19. 
2. Those with turnover above 2cr to still file GSTR9.
3. No relief in case of GSTR-9C as it’s applicable only where turnover exceeds 2cr.
4. GSTR-9 also to be made “Saral”.