New Delhi: The GST Council on Saturday increased the GST rate on mobile phones and specific parts from 12 % to 18%. This will come into effect from April 1.
Briefing reporters about the decisions at the 39th GST Council meeting, Finance Minister Nirmala Sitharaman also announced that the Council has decided to reduce the tax rate on maintenance repair overhaul (MRO) services of aircraft to 5% from 18%.
Besides, there will be one rationalised rate of GST at 12% for both hand-made and machine-made matchsticks.
ALSO READ: India declares COVID-19 a notified disaster
She also said: “Late fees not to be levied for the delayed filing of the annual return and reconciliation statement for 2017-18 & 2018-19 for taxpayers with aggregate turnover less than Rs 2 crores.”
Finance Minister @nsitharaman: Late fees not to be levied for the delayed filing of the annual return & reconciliation statement for 2017-18 & 2018-19 for taxpayers with aggregate turnover less than Rs 2 Crores pic.twitter.com/VOoS19AmqK
— NewsMobile (@NewsMobileIndia) March 14, 2020