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GST Council Meet Highlights: Rates on 29 Goods & 53 Services Changed

By Olga
|

Today was GST's 25th Council meet, the highlights of the meeting were as follows:

GST Council Meet Highlights: Rates on 29 Goods & 53 Services Changed
 
  • The decision to change rates of 29 goods and 53 services were accepted.
  • These rates will come into force from 25th of January.
  • 3B returns to continue as of now. Sellers/suppliers should keep uploading their invoices.
  • E-way bill system testing will continue until January 25 and will be loaded from 1st of February. Those who do not follow will be penalized.
  • A few services have been moved from 18% to 12% GST rate.
  • GST has been exempted on 29 handicrafts, and rates on some others have been reduced.
  • Rates on some agri products reduced.
  • Integrated GST of Rs 35,000 crore will be provisionally divided between the Centre and states.
  • The decision on real estate and petroleum to be taken in the next council meet. The next meeting will be held via video-conferencing.
Read more about: gst goods and service tax
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