25th GST Council Meeting

Policy Changes recommended by the 25th GST Council Meeting

Question- Where was the 25th meeting of the GST Council was held on January 18, 2018?
(a) Manipur
(b) Jammu-Kashmir
(c) Bangalore
(d) New Delhi
Answer: (d) 
Related Facts:

  • On January 18th, 2018, the 25th meeting of the GST Council under the chairmanship of Union Finance Minister Arun Jaitley was held in New Delhi.
  • The following Policy Changes have been recommended by the GST Council in its 25thmeeting held today:
  • The late fee payable by any registered person for failure to furnish FORM GSTR-1(supply details), FORM GSTR-5(Non-resident taxable person) or FORM GSTR-5A (OIDAR) is being reduced to fifty rupees per day and shall be twenty rupees per day for NIL filers. The late fee payable for failure to furnish FORM GSTR-6 (Input Service Distributor) shall be fifty rupees per day.
  • Taxable persons who have obtained voluntary registration will now be permitted to apply for cancellation of registration even before the expiry of one year from the effective date of registration.
  • For migrated taxpayers, the last date for filing FORM GST REG-29for cancellation of registration is being extended by further three months till 31st March, 2018.
  • The facility for generation, modification and cancellation of e-way bills is being provided on trial basis on the portal nic.in. Once fully operational, the e-way bill system will start functioning on the portal ewaybillgst.gov.in
  • Certain modifications are being made to the e-way bill rules which are to be notified nationwide for inter-State movement with effect from 01.02.2018 and for intra-State movement with effect from a date to be announced separately by each State but not later than 01.06.2018.
  • The report and recommendations submitted by the Committee on Handicrafts were also accepted by the GST Council.

Reference:                                                       
http://pib.nic.in/newsite/PrintRelease.aspx?relid=175727
http://www.indiainside.org/post.php?id=1527

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