Major announcements in today’s GST Council meeting
Here are some of the major announcements in today’s GST Council meeting:
- Deadline for GSTR 9 and GSTR 9C return filing for financial year 2017-18 extended to January 31, 2020 from December 31, 2019 earlier.
- GST Council exempts long term lease on industrial plots to facilitate setting up of industrial parks.
- Land lease GST rates to be applicable from January 1, 2020.
- Penalty for non-filing of GSTR-1 from July 2017 relaxed.
- Uniform rate of 18% for woven and non-woven bags.
- Input tax credit to be restricted to 10 per cent from 20 earlier if invoices not uploaded
