Tax Experts react to 31st GST Council meeting announcements

The 31st GST Council meeting chaired by Finance Minister on Saturday, December 22, 2018 just before Christmas and New Year showered bonanza with rate reduction for around 23 commonly used goods and services such as movie tickets, digital cameras, power banks, etc. The Council’s decision to extend due date for furnishing Annual Returns upto June 30, 2019 comes as a major breather for taxpayers who were grappling with the complexities surrounding it and is definitely a welcome move.

The Council also bought clarity on taxation of EPC contracts thereby resolving ambiguity created by various AAR decisions. In addition, Council provided huge relief to Industry by creating Centralised Appellate Authority for Advance Ruling, waiving penalty, entitlement of ITC in relations to invoices for FY 2017-18 till due date of furnishing GSTR-3B for March 2019, etc.

While India Inc. cheered GST Council’s decision to slash tax rates on 23 goods and services, the Who’s Who of the Tax World react to the decisions taken by the GST Council.