GST rate on vel­vet fab­ric re­duced to 5%

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The 25th Goods and Ser­vices Tax (GST) Coun­cil meet­ing, held un­der the chair­man­ship of fi­nance min­is­ter Arun Jait­ley, has rec­om­mended re­duc­tion of GST rate on vel­vet fab­ric (code 5801 37 20) from 12 per cent to 5 per cent with no re­fund of unutilised in­put tax credit. The Coun­cil, at its meet­ing in New Delhi, also de­cided that 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) will be 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.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. For mi­grated tax­pay­ers, the last date for fil­ing form GST REG-29 for can­cel­la­tion of regis­tra­tion has been ex­tended by fur­ther three months till March 31, 2018.

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