GST Council recommends policy changes

Speed Post News Network

New Delhi :  Union Finance Minister Shri Arun Jaitley Chaired the 25^th Meeting of the GST Council in New Delhi on January 18, 2018.

The GST Council recommended several policy changes at its 25^th meeting including the late fee payable by any registered person for failure to furnish FORM GSTR-1 (supply details), FORM GSTR-5 (Non-resident taxable person) or FORM GSTR-5A (OIDAR) reduced to Rs 50 per day and Rs 20  per day for NIL filers. The late fee payable for failure to furnish FORM GSTR-6 (Input Service Distributor) shall be Rs 50 per day, according to a PIB release.

Taxable persons, who have obtained voluntary registration, will now be permitted to apply for cancellation of registration even before the expiry of one year from the effective date of registration. For migrated taxpayers, the last date for filing FORM GST REG-29 for cancellation of registration is being extended by further three months till March 31, 2018.