25th GST Council Meeting – Highlights & Updates

Here the 25th GST Council Meeting – Complete Information and Details

• Late fee:-

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.

• Cancellation Application for voluntary registrations:-

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.

• Due date to cancel for migrated taxpayers:-

For migrated taxpayers, the last date for filing FORM GST REG-29 for cancellation of registration is being extended by further three months till 31 March 2018.

• E-bill generation:-

The facility for generation, modification and cancellation of e-way bills is being provided on a 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

• Modifications on e-way bills to be notified:-

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.

• Handicrafts reports:-

The report and recommendations submitted by the Committee on Handicrafts were also accepted by the GST Council.