31ST GST COUNCIL MEETING 22TH

DECEMBER 2018 – KEY UPDATES

Key updates of 31st GST Council Meeting | 31st GST Council Meeting updates

The 31st GST Council meeting was held on 22nd December 2018 at Delhi. It will be chaired
by the Finance Minister Shri Arun Jaitley.

Below are the key updates of 31st GST council meeting

1.) GST Rates of 7 item reduced from 28% to 18%. Items includes tyres, VCR, Billiards &
Snookers And lithium batteries.

2.) GST Rates of 33 items have came down to 18% tax slab to 12% and 5% tax bracket as
they are common man’s consumption goods. These items include Third party insurance
vehicle and solar power systems.

3.) Only 34 items will be taxed at 18% GST Rate or more

4.) All items except luxury goods would be taxed under 28% GST Rate

5.) The GST council is also looking into introducing composition scheme for the real estate
sector. A view on real Estate sector will be taken in next GST council meeting

6.) A composition scheme will be framed for small service provider. Threshold and
mechanism will be decided in next GST council meeting.

7.) MSME Committee may re-consider the threshold limit of 20 lakhs for larger interest.

8.) Centralized authority for advance ruling in case of conflicting views of Advance Ruling
Authorities. The decision of Centralized authority will bind the whole country.

9.) New GST Refund filling system will be introduced on pilot basis with effect from 1st
April 2018.

10.) Addition GST fees waived for returns filled upto 31st March 2019.

11.) GST Annual return due date has been extended to 30th June 2019.

12.) ITC for last FY invoices allowed upto March 31 , 2019

13.) New GST return to be launched on trail basis from April 1 , 2019.

I. GST rate reduction on goods which were attracting GST rate of 28% :

A. 28% to 18%
1) Pulleys, transmission shafts and cranks, gear boxes etc., falling under HS Code 8483
2) Monitors and TVs of upto screen size of 32 inches
3) Re-traded or used pneumatic tyres of rubber;
4) Power banks of lithium ion batteries. Lithium ion batteries are already at 18%. This will
bring parity in GST rate of power bank and lithium ion battery.
5) Digital cameras and video camera recorders
6) Video game consoles and other games and sports requisites falling under HS code 9504.

B. 28% to 5%

Parts and accessories for the carriages for disabled persons

II. GST rate reduction on other goods,-

A. 18% to 12%

 Cork roughly squared or debagged

 Articles of natural cork
 Agglomerated cork