New Delhi, Mar 14 : Finance Minister Nirmala Sitharaman on Saturday said the GST Council has decided to hike the GST rates on mobile phones and specific parts, from 12 to 18 per cent. Addressing a news conference after the end of the 39th GST Council meeting here, the Finance Minister said that GST rates have also been rationalised to 12 per cent for both hand-made and machine-made matchsticks.
The Finance Minister said the GST rate on Maintenance, Repair and Overhaul (MRO) services in respect of aircraft has been reduced from 18 to five per cent with full ITC. The meeting further decided to change the place of supply for B2B MRO services to the location of the recipient. All decisions of the GST Council will come into effect from April 1, 2020.
The Minister said the due date for filing the annual return and the reconciliation statement for the financial year 2018-19 has been extended till June 30. There would be no late fees on delayed filling of GSTR9 and 9C for FY 17-18 for amount equal to or less than Rs two crore. She also said that Interest under Section 50(1) will be charged on Net Liability. The 39th GST Council meeting, chaired by Ms Sitharaman, was also attended by Finance Ministers of states and UTs and senior officers from the Union Government and states. (UNI)