The GST Council met for the 31st time on 22nd December 2018, Saturday at Vigyan Bhavan, New Delhi. It was chaired by the Finance Minister Shri Arun Jaitley. Highlights were Rate tweaks, relief in the form of due date extensions, clarity on GST 2.0 Implementation and streamlining of GST compliance like return filing, registration and refund procedure on the portal.
Most Expected – 31st GST Council Meeting
- Deliberations on announcing GST rates on Petrol and Diesel.
- GST Rate cut highly likely for the Housing sector with two proposals before the Council: 1. To slash the GST rate from the existing 12% to 8%, in order to bring it at par with the affordable housing with ITC claim option. 2. To slash the GST rate to 5% without the ITC claim option
- The decision to be taken on the reports submitted by the sub-committees formed for analyzing GST on Sugar and Cess in case of exigencies.
What would be the conclusion of this 31st GST Council meeting? If so what are the ideas?