In the latest GST Council meet held on December 22, it has been decided that savings and Jan Dhan account holders will not be charged GST for cheque book, SMS alerts, ATM cards and other banking services. Officials have informed that the GST Council decision will be implemented from January 1st. Notifications are expected to be released today.
Common man will get benefit from tax rate reduction on items such as TVs (up to 32 inches), monitors, power banks and digital cameras. Also as against the current regime, wherein GST is payable on the MRP of any type of footwear, beginning new year GST will be levied on the base price of the footwear such that footwear items will now get cheaper for the common man.
Simultaneously, businesses have been given relief in respect of late fee for GST return filing. Late fee will not be levied on traders for filing their return after December 22 or previous GST returns till March 31.
Also for traders with turnover up to Rs. 1.5 crore, quarterly return filing and monthly tax payment has been allowed.