GST 2019: Govt. To Cut GST Rate on 23 Items From Jan 1, 2019

GST 2019: The government decided to reduce GST tax rates on 23 items in the 22 GST council meeting held on Saturday. The reduced taxes will be applicable from January 1, 2019, and they will provide relief to common man and traders. However, the biggest relief will be to Jhan Dhan Account and Savings account holders.

Items that will get Cheaper

Also Read: What is GST Composition Scheme & How it beenfits Small Business?

As per the decisions made in the GST council meeting, the above-said account holders will not pay GST on the issuance of the chequebook, SMS alert, ATM card, and other related banking facilities. The account holders, thus, will be benefited from the reduced tax rates.

The other items on which the GST 2019 tax rate is reduced include a digital camera, TVs (up to 32 inches), power banks, and monitors. In addition, the GST was charged on the MRP of the shoes and slippers. The government has announced to charge GST on the base price of the said items. Thus, they will also cost less. The GST 2019 rate is reduced to 18% from 28% on these items.

GST Returns Filing

Also Read: GST Return: How to File GST Return Online?

Apart from this, there is a relief for the traders as well in terms of late fee for GST returns filing. The late fee will not charged on the returns filed after 22 December or old till March 31. Also, the traders having a turnover of INR 1.5 crores or less will now be allowed to pay tax quarterly as per their convenience.