Second Press release on Annual Return (FORM GSTR-9) and Reconciliation Statement (FORM GSTR-9C).
Second Press release on Annual Return (FORM GSTR-9) and Reconciliation Statement (FORM GSTR-9C). Dated 03/07/2019
Decisions on Services taken by the GST Council in its 37th Meeting held on 20.09.2019 at Goa-reg
Decisions on Services taken by the GST Council in its 37th Meeting held on 20.09.2019 at Goa-reg
PRESS RELEASE
ON GST RATE ON SERVICES AS RECOMMENDED BY THE GST COUNCIL IN ITS 37th
MEETING HELD ON 20th SEPTEMBER, 2019
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GST COUNCIL IN ITS 37th MEETING HELD ON 20th SEPTEMBER, 2019
GST Council Meeting Outcome
1. Hotel Tariffs Rs. 7,500 and above GST at 18%.
2. Hotel Tariffs Rs. 1,000 upto 7,500 GST at 12%.
3. Hotel Tariffs below Rs. 1,000 GST at Nil rate.
4. Outside Catering GST rate reduced at 5%.
5. Diamond Job-work GST rate reduced at 1.5% and Other Job-work GST rate reduced to 12% from 18%.
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%.
9. GST Annual Returns GSTR-9, 9A Optional for those with turnover upto 2cr for FY 17-18 & 18-19.
10. Those with turnover above 2cr to still file GSTR9.
11. No relief in case of GSTR-9C as it’s applicable only where turnover exceeds 2cr.
12. GSTR-9 also to be made “Saral”.
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37th GST Council Meeting – Press release – Services and Final_Press Release_GSTPW_20092019
Honourable Finance Minister Nirmala Sitharaman addressed a press conference today
Honourable Finance Minister Nirmala Sitharaman addressed a press conference today. The government has brought in the Taxation Laws (Amendment) Ordinance 2019 to make certain amendments in the Income-tax Act 1961 and the Finance (No.2) Act 2019. Following are the changes
?A new provision inserted in the income tax act with effect from fiscal year 2019-20 allows any domestic company to pay income tax at the rate of 22 per cent subject to condition they will not avail any incentive or exemptions. The effective tax rate shall be 25.17% inclusive of surcharge & cess and such companies would not have to pay minimum alternative tax (MAT).
?The government has decided to expand the scope of spending 2 per cent profits on corporate social responsibility (CSR) to allow spending on incubators or research grants to institutes engaged in promoting science research.
?The MAT rate has been reduced from 18.5 per cent to 15 per cent.
?Enhanced surcharge levied in the Budget shall not apply on capital gains arising in sale of equity shares in a company or a unit of a business trust or an equity fund liable to Securities Transaction Tax (STT).
?Enhanced surcharge will not apply to capital gains arising on sale of any securities including derivatives in the hands of foreign portfolio investors.
?For new companies incorporated after October 1, 2019 and commencing production by March 31, 2023, the income tax rate will be 15 per cent. The effective tax rate for these companies will be 17.01 per cent and such firms will also not be required to pay any MAT.
?For listed companies that have announced buyback before July 5, 2019, tax on buyback of shares shall not be charged.
Regards,
CA Rohit Goyal
GST Council Important Decision (20.9.19)
GST Council Important Decision (20.9.19)
1. GST Annual Returns GSTR-9, 9A Optional for those with turnover upto 2cr for FY 17-18 & 18-19.
2. Those with turnover above 2 cr to still file GSTR 9.
3. No relief in case of GSTR-9C as it’s applicable only where turnover exceeds 2cr.
4. GSTR-9 also to be made “Saral”
Corporate tax rates slashed to 22% for domestic companies and 15% for new domestic manufacturing companies and other fiscal reliefs
Corporate tax rates slashed to 22% for domestic companies and 15% for new domestic manufacturing companies and other fiscal reliefs
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