Monday, September 28, 2020
Home News Reports GST council meeting: GST on mobile phones increased from 12% to 18% to correct...

GST council meeting: GST on mobile phones increased from 12% to 18% to correct inverted duty structure

Now both components and assembled mobile phones will attract the same GST.

Union Finance Minister Nirmala Sitharaman chaired Goods and Services council meeting on Saturday in New Delhi. The GST council proposed to raise the Goods and Services tax on mobile phones from 12 percent to 18 percent. FM said that “the council has decided to hike the GST on Mobile phones to 18 percent from the current 12 percent. There will be one rationalized rate of GST which is 12 percent for both hands made and machine made matchsticks. The machine-made matchsticks were taxed 18 percent while the hand-made were at 5 percent.”

According to the council, the decision is taken to raise the GST on mobile phones is taken to correct the inverted duty-structure, where the inputs are taxed at higher rates and the final products taxed at lower rates. Now both components and assembled mobile phones will attract the same GST.

The finance minister added, “It was decided to reduce the GST rate on Maintainance, repair, and overhaul(MRO) services in respect of aircraft from 18 percent to 5 percent with the full input tax credit(ITC). Relaxation to MSMEs from the furnishing of reconciliation statement for the financial year 2018-19 for all taxpayers having an aggregated turnover below 5 crores.”

The following decisions taken will be applicable from April 1.

- Advertisement -

The Finance Ministry has issued a statement on the gross GST collection in the month of February this year is pegged at Rupees 1,05,366 crore with a growth of 12 percent from the domestic transaction in comparison to the February last year.

GST collected from the import of goods, the total revenue during February 2020 has increased by 8 percent compared to the revenue of February 2019.

FM said, “the council has decided to give tax relief to the taxpayers by amending a law. The interest payable for delay in payment of GST will be charged on net tax liability and not the gross tax liability with effect from 1 July 2017. The law will be amended with retrospective effect.”

FM Sitharaman said, “Due date for filing the annual return and the reconciliation statement for the financial year 2018-19 to be extended till 30th June 2020.

She announced that late fee will not be levied for the late filing of annual returns for the reconciliation statement 2017-18 and 2018-19 for taxpayers with aggregate turn over less than 2 crores.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Related Articles

Trending now

Delhi HC orders Twitter to remove alleged defamatory tweets against Rajdeep Sardesai and India Today by former employee of the media house

Delhi HC ordered removal of tweets by former India Today employee Rakesh Krishnan Thiyya for calling Rajdeep Sardesai a 'fixer', 'dalla'

The United Front System in China and how it helps the Chinese Communist party in its quest for global dominance

The United Front system that works to further the agenda of the CCP abroad has largely escaped attention thus far.

Kerala: Women ‘activists’ attack YouTuber, pour motor oil on face for saying “Feminists do not wear underwear’

The women 'activists' had got triggered by a video posted by Dr Vijay P Nair on his YouTube channel a month ago

“Hindu ki maiya maar gayi”, Pakistani internet sensation Nimra Ali goes on a Hinduphobic rant on live air, apologises after backlash

Following a social media backlash for her hate speech on live air, Nimra Ali was forced to tender an apology.

Maharashtra: Close to Anil Deshmukh’s residence in Nagpur, gambling den operator lynched to death. Video goes viral

Maharashtra state home minister Anil Deshmukh's residence is barely 1 km away from where the stabbing took place.

The ‘Kerala model’ everyone has stopped talking about

The hold that communists have over media ensured that these facts regarding Kerala's terrible management of coronavirus crisis gets pushed under the rug. Just like China.

Recently Popular

AajTak ke camera se nahi bach payegi Deepika Padukone: As the actor makes her way to NCB, IndiaToday does everything they criticise Republic for

The Aaj Tak reporter added several non-essential information about Deepika Padukone to claim that the coverage was exclusive

India Today editors’ tussle with Republic TV is ruining their own credibility, one tweet at a time: Read how

Rahul Kanwal and Rajdeep's sly, targeted tweets against Republic TV are only helping to take their own credibilities further down, and exposing their own hypocrisy.

Uttar Pradesh: Hindu girl beheaded after she refused to convert to Islam, husband Ejaz and friend Shoaib Akhtar nabbed

23-year-old Hindu woman has been brutally murdered by two Muslim youth after she refused to convert to Islam after marriage.

Hours after expressing displeasure over new BJP team, Subramanian Swamy retweets report that hails Priyanka Gandhi

Snubbing the demand of Subramanian Swamy to remove BJP IT cell chief Amit Malviya, BJP had retained in the new party team

‘Maaro, Kaato’, Muslim mob shouts as they attack beleaguered Hindu family in Kanpur over Facebook post: Read details

"Poora Tandav teen ghante tak chalta raha", says the Hindu family in Kanpur which came under attack from an irate Muslim mob

Argentina: Legislator kisses bare breast of his girlfriend during online parliament session, resigns after the video goes viral

Juan Emilio Ameri claimed that he assumed that the camera was off and wanted to check out his girlfriend's new breast implants

Delhi HC orders Twitter to remove alleged defamatory tweets against Rajdeep Sardesai and India Today by former employee of the media house

Delhi HC ordered removal of tweets by former India Today employee Rakesh Krishnan Thiyya for calling Rajdeep Sardesai a 'fixer', 'dalla'

Argentina: Legislator kisses bare breast of his girlfriend during online parliament session, resigns after the video goes viral

Juan Emilio Ameri claimed that he assumed that the camera was off and wanted to check out his girlfriend's new breast implants

Pakistani bots on Twitter vow to fight for Muslim majority Azerbaijan after clashes erupt with Armenia over border issue

Tensions have gripped between Armenia and Azerbaijan after clashes erupted in the breakaway Nagorno-Karabakh region.

The United Front System in China and how it helps the Chinese Communist party in its quest for global dominance

The United Front system that works to further the agenda of the CCP abroad has largely escaped attention thus far.

Haryana: Minor girl, allegedly gang-raped by Ismail, Sahir Sahir and Irshad, writes to NCPCR over police inaction

The police had initially dismissed the complaint of the victim's family by alleging that the girl willing went with her perpetrators.

Mysuru Police bust fake honorary doctorate degree distribution ceremony in a hotel, two arrested

142 candidates from Karnataka, Tamil Nadu and Andhra Pradesh had gathered to obtain fake honorary doctorate degrees

‘Nitish Kumar called me and asked me to join’: Ex Bihar DGP Gupteshwar Pandey joins JD(U) ahead of state assembly elections

Gupteshwar Pandey joined the JD(U) at Chief Minister Nitish Kumar's residence in Patna, Bihar.

Kerala: Women ‘activists’ attack YouTuber, pour motor oil on face for saying “Feminists do not wear underwear’

The women 'activists' had got triggered by a video posted by Dr Vijay P Nair on his YouTube channel a month ago

“Your time of death has come”, radical Islamists attack actress-politician Nusrat Jahan on social media after she poses as Goddess Durga

An Instagram user, Sagar Hossain, questioned Nusrat Jahan, "Why do you support Hindus despite being a Muslim?"

“Hindu ki maiya maar gayi”, Pakistani internet sensation Nimra Ali goes on a Hinduphobic rant on live air, apologises after backlash

Following a social media backlash for her hate speech on live air, Nimra Ali was forced to tender an apology.

Connect with us

244,181FansLike
456,433FollowersFollow
17,300SubscribersSubscribe