Decisions taken by the GST Council in the 31st meeting held regarding GST rate on services
Dear all,
Your association SIMA is forwarding herewith a Press Release issued by Ministry of Finance, Government of India dated 22/12/2018.
The 31st Meeting of GST Council was held on 22 December, 2018 at New Delhi. The following decisions were taken relating to changes in GST rates, ITC eligibility criteria, exemptions and clarifications on connected issues. The decisions of the GST Council have been presented in this note in simple language for easy understanding. The same would be given effect to through Gazette notifications/ circulars which shall have force of law.
- GST rate on cinema tickets above Rs. 100 shall be reduced from 28% to 18% and on cinema tickets upto Rs. 100 from 18% to 12%.
- GST rate on third party insurance premium of goods carrying vehicles shall be reduced from 18% to 12%.
- Services supplied by banks to Basic Saving Bank Deposit (BSBD) account holders under
- Pradhan Mantri Jan Dhan Yojana (PMJDY) shall be exempted.
- Services supplied by rehabilitation professionals recognised under Rehabilitation Council of India Act, 1992 at medical establishments, educational institutions, rehabilitation centers established by Central Government / State Government or Union Territories or entity registered under section 12AA of the Income-tax Act shall be exempted.
- Services provided by GTA to Government departments/local authorities which have taken
- registration only for the purpose of deducting tax under Section 51 shall be excluded from payment of tax under RCM and the same shall be exempted.
TO READ THE FULL PRESS RELEASE PLEASE CLICK HERE.
In this regards, your association is also forwarding herewith an article published on the website of the Economic Times on dated 22/12/2018.
The Economic Times: GST Council meet: Here's what will become cheaper for you (PLEASE CLICK HERE)
This is for your kind information.
Thanking you,
With regards,
For Silvassa Industries & Manufacturers Association,
Narendra Trivedi,
Secretary
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