Goods and Services Tax council slashes rates on 40 items; extends date to file returns

The Goods and Services Tax Council slashed rates on more than 40 items and revised the cess on many vehicles during the meeting in Hyderabad on Saturday. GST returns filing date was extended till October 10.

The GST council raised the cess on mid-size cars, large cars and sports utility vehicles by 2%, 5% and 7% respectively. The new effective cess on mid-size cars, large cars and sports utility vehicles will be 45%, 48% and 50%.

The GST council cut GST rate for Walnuts, broom, clay idols custard powder, idly-dosa batter, rubber bands, raincoat, dhoop batti, saree fall, corduroy fabric, computer monitors, table and kitchenware, prayer beads.

The levy of GST has been exempted on khadi sold at KVIC outlets and clay idols.

GST returns filing date extended

GST Council extended the last date for filing final returns by a month to October 10. Also, for easier compliance, the council allowed businesses to file simplified GSTR-3B for four more months until December.

Briefing reporters after the 21st GST Council meeting, Revenue Secretary Hasmukh Adhia said for companies with a turnover of over Rs 100 crore, the last date for filing GSTR-1 will be October 3. For the rest, it will be October 10, and also, the filing of GSTR-2 for July will have to be done by October 31, and GSTR-3 by November 10.