GST Council Meet: Major rate cuts announced

GST Council

GST CouncilUnion Finance Minister Nirmala Sitharaman addressed the 27th GST Council meeting yesterday in Goa and announced a series of rate cuts on a number of items, amid the speculations sounding the slowing economy. All new GST rates announced yesterday will be effective from October 1, said the minister.

Major rate cuts announced during the meet are as follows:

*GST Council Meeting Outcome-*

  1. Hotel Tariffs Rs 7,500 and above GST at 18 percent
  2. Hotel Tariffs Rs 1,000 upto 7,500 GST at 12 percent
  3. Hotel Tariffs below Rs 1,000 GST at Nil rate
  4. Outside Catering GST rate reduced at 5 percent
  5. Diamond Job-work GST rate reduced at 1.5 percent and Other Job-work GST rate reduced to 12 percent from 18 percent
  6. Council amended rules regarding Refund by Appellate Authority
  7. Council amended rules regarding GST Practitioners and Consumer Welfare Fund
  8. Cups/Plates made from Flowers leaves GST rate Nil from 5 percent
  9. GST Annual Returns GSTR-9, 9A Optional for those with turnover upto 2 crore for FY 17-18 and 18-19.
  10. Those with turnover above 2cr to still file GSTR 9
  11. No relief in case of GSTR-9C as its applicable only where turnover exceeds 2 crore
  12. GSTR-9 also to be made “Saral”

"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.