Highlights of 25th GST Council Meeting dated 18th January 2018

Looking for the updates of the 25th GST Council Meeting? Here are the most important ones.

• Late fee:-

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.

• Cancellation Application for voluntary registrations:-

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.

• Due date to cancel for migrated taxpayers:-

 For migrated taxpayers, the last date for filing FORM GST REG-29 for cancellation of registration is being extended by further three months till 31 March 2018.

• E-bill generation:-

The facility for generation, modification and cancellation of e-way bills is being provided on a trial basis on the portal ewaybill.nic.in. Once fully operational, the e-way bill system will start functioning on the portal ewaybillgst.gov.in

• Modifications on e-way bills to be notified:-

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.

• Handicrafts reports:-

The report and recommendations submitted by the Committee on Handicrafts were also accepted by the GST Council.

Hope this article was helpful. Refer to the topics discussed in the 26th GST council meeting