The GST Council has hiked the Goods and Services Tax (GST) charges on cell phones and allied components from 12 per cent to 18 per cent with impact from April 1, Finance Minister Nirmala Sitharaman mentioned.
The GST Council in its assembly chaired by the Union finance minister on March 14 slashed GST fee on Maintenance, Repair and Overhaul (MRO) providers of plane from 18 per cent to five per cent, with full enter tax credit score.
The council additionally rationalised the GST charges on handmade and machine-made matchsticks to 12 per cent. Hand-made matches used to draw 5 per cent earlier, whereas machine-made ones attracted 18 per cent.
The due date for submitting the annual return for FY 2018-19 has been prolonged to June 30. For taxpayers with turnover of lower than Rs 2 crore, late charges won’t be levied for delayed submitting and reconciliation assertion for two years.
Ms Sitharaman mentioned the GST Council has requested Infosys to deploy extra expert manpower and improve capability of GST Network to make sure that the system is glitch-free by July 2020. There have been a slew of technical points surrounding the functioning of the tax fee community and the
The new charges will come into impact on April 1, 2020.