#Do you want to stay updated with the new GST rules?
Or Are you an Entrepreneur and want to know the changes that have been made in the GST?
#Then you will get the right information in the blog.
As we all know that the GST is a new taxation system discovered by the Government of India, it upgrades time to time depending on the situations of the surrounding environment and some of the amendments are done in the 37th meeting of the GST council on 20th of September. Some of the important decisions have been made in the meeting and we will discuss the new amendments introduced by the GST council.
These amendments are applied by the GST council from the 1st of October,2019 and are discussed below. These are the important changes that should be known by the entrepreneur.
New Amendments made by GST Council:-
1. The GST New Return has been postponed.
The GST New Returns has been postponed and now will be introduced from April 2020. The GST New Returns were to be introduced on 1st October 2019 but it has been postponed to give some time and opportunity to the taxpayers to get well versed with the GST. And at the same time, the GST will modify the GST software. The FORM GSTR-3B and the FORM GSTR-1 are still continued and also their dates are still the same now. The notification of the dates will be shared in some time by the GST.
2. The Hotel Room Rent will become cheaper.
The GST rates have been reduced by the GST on the rooms rented by the hotels. Due to this, you will get the Hotel rooms at a cheaper rate. As there is the season of the festival such as Deepavali, Dusshera, etc, the hotel industries are happy. The GST applied to the hotel rooms is 12 and 18 percent depending on the transaction value per day of the customer.
The GST rates have also been reduced on the outdoor catering services. Before the GST rates applied on the transaction were 18% with ITC but now the reduced GST is 5% without ITC. But the 5% GST is only applicable to the businesses if they have the daily tariff of a unit of accommodations up to Rs 7500. If the amount increases more than Rs 7500, then the GST rate will be 18% with ITC.
3. There is change is the GST rates of various Goods.
Some of the goods with their GST reduced rates are written below:-
1. The GST rates have been reduced to 18% to 12% on the parts of the slide fasteners.
2. GST rates reduced to 18% to 5% on the Marine Fuel.
Conclusion:-
The rules and principles are being changed according to the surrounding environment by the GST council. An entrepreneur should know the GST rules to continue their business legally. Hence some of the new amendments have been discussed in the above blog with the description of the amendments. An entrepreneur or small businessmen will find the above blog helpful and will help them to know the new amendments.
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