GST rate on velvet fabric reduced to 5%
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.