Diabytes
GST meeting News
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Many important decisions were taken in the meeting of the GST Council held in Delhi on Friday. After the meeting, the government announced to make many costly life-saving medicines GST free. At the same time, there was no consensus in the meeting on the issue of making petrol and diesel GST-free. Union Finance Minister Nirmala Sitharaman held a press conference after the GST Council meeting.
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The reduced rate of late fee would apply for all the GSTR-3B returns furnished between July 01, 2020 to September 30, 2020.
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Briefing reporters after GST Council meeting, FM Sitaraman said that late fee for non-filing of monthly sales return for others has been reduced to a maximum of Rs 500 for July 2017 to January 2020 period.
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The 39th meeting of GST Council was held in March, which proposed rationalisation of taxes on many items.
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This committee will have members of North East, hill and coastal states.
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Among other major discussion, the reconciliation of GSTR return by the income tax returns of the taxpayers will also be on the agenda.
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The GST Council may allow states to impose Stamp Duty and Property Tax on real estate.
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A brand registered as on 15.05.2017 under the Copyright Act, 1957 shall also be treated as a registered brand for the purposes of levy of 5% GST.
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This is the third meeting of the GST Council since the launch of the Goods and Services Tax on July 1, and the 21st since it was set up in September last year.
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It will also take up IT related issues in the GST network which has faced glitches.
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Note ban has cast its shadow on the Goods and Services Tax (GST) Council started on Sunday putting a serious question mark on implementing GST by the central government`s targeted deadline of April 1, coming year.
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With the finance ministry setting November 22 as the deadline for building consensus on all the issues in the Council, the upcoming meeting is significant.
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