GST 2019: After the December 22 meeting of GST Council, the government has started preparing notifications to give relief to traders and the common man. The notifications will be expectedly released tomorrow. One of the biggest relief from January will come to Savings account and a Jhan Dhan account holders.
As per the latest decision of the GST council, such account holders will not have to pay GST on the chequebook, atm cards, SMS alert and other banking facilities. They will also benefit from the tax rate reduction on other items.
TVs (up to 32 inches), monitors, power banks, digital cameras will get the benefit of tax reduction. Along with this, traders will get relief on the late fee for returns filing. The late fee will not be charged to traders who file their return after 22 December or old returns till March 31.
Officials have said the decisions of the GST Council are to be implemented from 1st January. Notifications will arrive on Monday.
Shoes, slippers to cost less!
Till now, GST on the MRP of any kind of shoes and sandals (footwear) has been charged. But in the New Year, GST will be charged on the base price. Thus, the retailers would be able to sell items at low prices.
Traders having turnover up to Rs 1.5 crore rupees will now be allowed to submit monthly tax along with quarterly returns as per their convenience. Thus, when they file returns in a quarter, they will be able to give full amount after making the right calculation of the tax to be paid.