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28th GST council meeting was held in New Delhi on Saturday, 21st of July 2018. This meeting was chaired by ShriPiyushGoyal and later he addresses the media and informed an about the discussions and key decisions taken in the meeting. Following matters were discussed in the meeting:
There were some major GST rate changes were introduced. While various items from 28% tax slab were moved to 18 or 12 percent slabs. These items include paints and varnishes, Refrigerators, freezers and other refrigerating or freezing equipment, Domestic electrical appliances, Special purpose motor vehicles. Etc.
Along with these changes, there are recommendations made for reduction of various other goods like rakhi, Sanitary Napkins, Stone/Marble/Wood Deities, etc. from 18%, 12% or 5% to 0%.
Along with the above-mentioned changes in tax rates, there was relief granted to fabric sector. Under GST fabrics are taxable fewer than 5% tax slab under the condition that in case of inversion accumulated ITC won’t be refunded. The council has decided to allow the refund such accumulated ITC on account of inverted duty structure.
In the previous meeting, 28th GST Council Meeting had made a recommendation for simplification of the GST return filing structure. These recommendations were accepted by the council in the 28th meeting. Following changes were approved;
Many rate changes, relaxations, clarifications etc were issued by the council in relation to GST provisions of services. These changes included the following:
The council had approved the proposal of reopening of migration window for taxpayers who were registered under a previous indirect tax regime. The only pre-requisite is that the taxpayer must have received the provisional ID and have filled out the Part of FORM GST REG-26 and failed to upload the Part B of the same.
This migration window is reopened and will remain open until 31st August 2018. For completing the migration process the taxpayer is required to approach the Central Tax/State Tax nodal officers of their jurisdiction with the required documents.
Along with all the above-mentioned changes many recommendations were made by the 28th GST Council Meeting which will be placed before the Parliament and legislature of the states for amendments in respective state laws. Some of these recommendations are mentioned here;
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