The 39th GST Council meeting took decision regarding revision of GST rates. The GST rate on Mobile phones has been raised, specified parts to 18% from the existing 12%. The GST rate on handmade, machine-made matchsticks has been rationalised to 12% while GST on MRO (maintenance repair overhaul) services of aircraft slashed to 5% from 18%. These rates will be applicable from April 1. Now, delayed GST payment will attract interest on net tax liability from July 1. Form – 9 for FY 2018-19 with annual turnover below 5crores has been extended to 30th June, 2020. The late fees for delayed filing of form 9 for FY 17, FY 18 shall not be levied for taxpayers with turnover below Rs.2crores. Moreover, a better and enhanced GSTIN has been ensured by Infosys by 2020.
