Union Finance Minister Nirmala Sitaraman chaired the 49th meeting of the GST Council today, at Vigyan Bhawan, New Delhi. The matter of discussion of the meeting held was focused on the following:
- All GST Compensation Dues will be Cleared Today Itself
- Nil GST Rate on ‘Loose Rab’, 5% on Packaged Rab
- GST Rate on Pencil Sharpener reduced to 12% from 18%
- Late Fee for Annual Return Up to 5 Crore Rs. 25/day subject to maximum of 0.02% of turnover. For Taxpayers having TO of 5 cr to 20 cr, Late fee would be Rs. 50/day subject to maximum of 0.02% of turnover. Same shall be applicable from FY 2022-2023.
- Two Reports of GoM Accepted including Special Composition Scheme for certain Industries and GST Tribunal
- Slight Modifications are required in Report of GoM on GST Tribunal
- GST would be applicable to Court fee by Courts and Tribunals under Reverse Charge Mechanism (RCM).
Read More: Taxscan
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