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Gst News

Last modified:2019-12-13

Gst News

GST News updated here in our page will help you have a clear idea on all the changes, Bills, Amendments made with respect to Goods and Services Tax. GST News from different sources are furnished instantly. For an latest GST News do check our article.

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Latest GST News

The latest updates related to GST in this year are listed below for easy reference.

26th October 2018

  • Registered taxpayers whose registrations are cancelled on or before 30th Sep 2018, should furnish the final returns in GSTR-10 Form till December 31st 2018.
  • For filing GST ITC-04 for period from July 2017 to September 2018 has been postponed its due date to 31st December 2018. 

21st October 2018

  • Due date of GST returns for the month of September 2018 in GSTR-3 has extended to October 25, 2018

GST News on Annual GST Return Forms

As per the News updated on June 13, 2018, it is likely to know that Finance Minister will go forward and propose on new Annual GST Return Forms at the next GST Council Meeting. A complaint from Finance Ministry that there are no suffice information furnished in the monthly Returns from the taxpayers side to make proper invoice. Thus the new forms will require more details from the taxpayers.

An Overview on GST under GST News

GST stands for Goods and Services Tax which came into effect from July 1, 2017 through the implementation of One Hundred and First Amendment of the Constitution of India. GST is the indirect tax imposed by Indian government on the sales of goods and services provided. Before GST came into existence the taxes were charged under different categories both by Central and State Government. VAT, Central Excise Tax, Services Tax, etc are all replaced by Single taxing system named as GST. Before GST could be implemented, number of discussions and amendments were made before finalising the GST rates. Now the GST broadly applied in two categories - State GST and Central GST. Under SGST and CGST, there are different tax rates implied for different products and services. A detailed note on both SGST rates and CGST rates are all given in the content below

GST News on Earlier GST Rates

As said in the Introduction, GST was implemented in the year 2017 on July 1st. When Gst was first introduced, the charges were broadly divided for State and Central GST. When compared to the earlier taxing system, newly introduced GST rates were higher. When GST was first introduced it had five tax slabs and the goods and services were spread across these tax slabs. This GST rates were followed till an amendment to lower the GST rates on selected goods and services were made on 18th January 2018 at 25th GST Council Meet. After which amendments were made on 29 Goods and 53 Services which came to effect from 25 January 2018. GST rates major goods till January 25, 2018 are listed below.

0% GST Rate

fresh meat, fish chicken, Eggs, Milk, butter milk, Curd, natural honey, fresh fruits and vegetables, flour, besan, bread, prasad, Salt, Bindi Sindoor, Stamps, judicial papers, printed books, Newspapers, Bangles, handloom etc.

5% GST Rate

Fish fillet, Cream, skimmed milk powder, branded paneer, frozen vegetables, Coffee, Tea, Spices, pizza bread, Rusk, Sabudana, Kerosene, Coal, Medicines, Stent, lifeboats

12% GST Rate

Frozen meat products, Butter, Cheese, Ghee, dry fruits in packaged form, animal fat, Sausage, fruit juices, Bhutia, Namkeen, Ayurvedic medicines, tooth powder, Agarbatti, colouring books, picture books, Umbrella, sewing machine, and cellphones

18% GST Rate

Flavoured refined sugar, Pasta, Cornflakes, pastries and cakes, preserved vegetables, jams, sauces, Soups, ice cream, instant food mixes, mineral water, Tissues, Envelopes, Tampons, notebooks, steel products, printed circuits, Camera, speakers and monitors.

28% GST Rate

Chewing gum, Molasses, chocolate not containing cocoa, waffles and wafers coated with chocolate, pan masala, aerated water, Paint, Deodorants, shaving creams, after shave, hair shampoo, Dye, Sunscreen, Wallpaper, ceramic tiles, water heater, Dishwasher, weighing machine, washing machine, ATM, vending machines, vacuum cleaner, Shavers, hair clippers, Automobiles, Motorcycles, aircraft for personal use, and yachts

GST News on Current GST Rates

With the introduction of GST in July 2017, the tax rates on most on the basic commodities also remained high. But on the 25th GST Council Meet it was proposed to reduce the GST rates on selected goods and services. Based on this, GST Rates were revised on January 18, 2018 and the revised GST rates for both Central and State Came into effect on January 25, 2018. The rate were revised on 29 Goods and 53 Services. GST Rates were revised from 28% to 18%, 28% to 12%, 18% to 12%, 18% to 5% and few were charged NIL GST. And for very few products there was raise in GST Rates.

Goods taxed at 0%

Vibhuti, De-oiled rice bran and parts used to manufacture hearing aids

Reduced from 28% to 18%

Old and used motor vehicles [medium and large cars and SUVs] with a condition that No ITC is availed, Public transport Buses that run on Biofuel

Reduced from 28% to 12%

For Old and used motor vehicles [other than medium and large cars and SUVs] with a condition that No ITC is availed

Reduced from 18% to 12%

Sugar boiled Confectionery, Drinking water, packed in 20 litres bottles, Biodiesel, Drip irrigation system including laterals, sprinklers, Mechanical Sprayer, Certain listed Bio-pesticides (12 in nos), Fertilizer grade Phosphoric acid, Bamboo wood building joinery

Reduced from 18% to 5%

LPG supplied to  Household Domestic Consumers, Raw materials and Consumables needed for Launch vehicles, Satellites and Payloads (Both CGST and IGST Rates), Tamarind Kernel Powder, Mehendi paste in cones

Reduced from 12% to 5%

Articles of straw, of esparto or of other plaiting materials, Velvet fabric [with a condition that no refund is claimed on ITC]

Reduced from 3% to 0.25%

Diamonds and precious stones

Rate Increased - 0% to 5%

Rice bran (other than de-oiled rice bran)

Rate Increased - 12% to 18%

Cigarette filter rods

GST News on e-Way Bill

The discussions on e-Way Bill on the 25th GST Council Meet the decision was made to hold the e-Way Bill that was to be implemented from February 1, 2018. But on the 26th GST Council Meet decision was made to implement inter-state movement of goods from April 1, 2018 and the intra-state movement of goods was to be implemented in four phases from April 15, 2018 and all the states to be covered under within June 1, 2018. As per the implementation e-Way Bill Fully came into existence.

What is e-Way Bill?

e-Way Bill is an electronic way bill for movement of goods which can be generated on the e-Way Bill Portal. Transport of goods of more than Rs. 50,000 (Single Invoice/bill/delivery challan) in value in a vehicle cannot be made by a registered person without an eway bill. Alternatively, e-Way Bill can also be generated or cancelled through SMS, Android App and by Site-to-Site Integration(through API). When an eway bill is generated a unique e-Way Bill number (EBN) is allocated and is available to the supplier, recipient, and the transporter.

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