The 36th GST Council meeting chaired by Finance Minister Nirmala Sitharaman, was held via video conferencing, where the key decisions have been decided.
Key takeaways from the GST Council meetings are:
- GST on Electric Vehicle (EV): As the discussion on reducing GST rates on Electric Vehicle was already going on.
A welcome move for e-vehicles manufacturing industry in India, a decision was taken during the 36th GST Council meeting to reduce Goods and Services Tax (GST) rates on electrical vehicles (EV) from 12 per cent to 5 per cent from August 1, 2019.
The GST Council has also decided to reduce tax on EV chargers from 18 per cent to 5 per cent.
The government has plans to increase the share of electric vehicles in India by 2030.
- GST exemption for hiring of electric buses : The GST Council has also approved exemption in cases where local authorities hire electric buses.
It is another step to promote electric vehicles as a mode of public transport.
- Due date of filing return by composition taxpayers : The due date of filing return by the composition taxpayers was 31st July, which has extended by one month i.e. now, due date is 31st August, 2019.
- GST CMP -08: The taxpayers are required to furnishing statement containing the details of the self-assessed tax in FORM GST CMP-08 for the quarter April, 2019 to June, 2019 by 31ST July.
However, for the above mentioned quarter, the due date for filing FORM GST CMP – 08 has extended from 31.07.2019 to 31.08.2019.
- GST CMP – 02: Last date for filing of intimation, in FORM GST CMP-02, by exclusive supplier of services (i.e. for availing the option of payment of tax under notification No. 2/2019-Central Tax (Rate)) has extended from 31.07.2019 to 30.09.2019.