GST rate for diamond lowers from 3% to 0.25%
Recommendations
for Changes In GST/IGST Rate and Clarifications in Respect of GST Rate on
Certain Goods
As
per discussions held in the 25thGST Council Meeting, the Union Finance Minister
Shri Arun Jaitley Chaired the 25th Meeting of the GST Council in New Delhi. The
Council has recommended certain in GST/IGST rate and clarifications in respect
of GST rate on Goods specified below as per discussions.
According
to the announcement for Tariff item 7102, Diamonds and precious stones, GST
rate recommended for reduction from 3% to 0.25%!
These
decisions of the GST Council are being communicated for general information,
and will be given effect to through Gazette notifications / circulars which
only shall have the force of law. It is proposed to issue notification giving
effect to the recommendations of the Council on 25th January, 2018 to be
effective from 00 HRS on 25th January, 2018
In
a row Policy Changes also recommended by the Arun Jaitley. The following Policy
Changes have been recommended by the GST Council in its 25th meeting held:
1. 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.
2. 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.
3. For migrated taxpayers, the last
date for filing FORM GST REG-29 for cancellation of registration is being
extended by further three months till 31st March, 2018.
4. The facility for generation,
modification and cancellation of e-way bills is being provided on 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
5. 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.
6. The report and recommendations
submitted by the Committee on Handicrafts were also accepted by the GST
Council.
