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38th GST Council Meeting

38th GST Council meeting is held on 18th December 2019 in New Delhi. Many rumours were in market regarding GST rate increase for some items, GST rate of 5% increase to 6%, merger of 5% and 12% into one slab of 10% etc.

The decisions taken in the meeting are

  1. No change in GST rates

  2. The Council decided to levy a uniform rate of 28 percent on all state-run and state-authorised lotteries. Earlier, state-run lotteries were taxed at 12 percent while state-authorised ones were taxed at 28 percent. This will be effective from March 1, 2020.

  3. The Council also decided to exempt GST payable on long term lease of industrial or financial infrastructure plot by an entity having 20 percent or more ownership of centre or state government. Presently, the exemption is available only to those entities having 50 percent or more ownership.

  4. The GST council has extended the annual return date Form GSTR9 and the reconciliation statement in Form GSTR 9C for 2017-18 to Jan. 31, 2020 from Dec. 31, 2019.

  5. Input tax credit will now be restricted to 10 percent against 20 percent earlier if invoices are not uploaded.

  6. The GST Council has also decided to waive the late fee for filing GSTR1 from July 2017 to November 2019 if all returns are filed before Jan 10. 2020.

  7. Due date for filing GST returns for November 2019 will be extended in respect of a few Northeastern states.

  8. Uniform rate of 18% on woven and non-woven bags.

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