APN News

  • Thursday, July, 2020| Today's Market | Current Time: 07:03:57
  • The Goods and Services Tax Council today decided to increase GST rates on mobile phones to 18 per cent from 12 per cent with effect from 1st of April.

    The Council also decided to slash GST on maintenance, repair and overhaul services for aircraft to five per cent from 12 per cent while the tax rate on handmade and machine-made matchsticks has been rationalized to 12 per cent.

    Briefing media in New Delhi after chairing GST Council meeting, Finance Minister Nirmala Sitharaman said that the council has decided to waive the late fee for delayed filing of annual returns for the financial years 2018 and 2019 by entities with a turnover of less than Rs two crore.

    The Minister also said that interest will be levied on net tax liability from 1st of July for delayed GST payments. She said, the GST Council has asked Infosys to deploy more skilled manpower and increase capacity of hardware of GST Network to ensure that the system is glitch-free.

    The council has asked Infosys, which has designed the GSTN, to provide a better groomed GSTN system by July, 2020.