New Delhi: In the 39th meeting of GST Council on Saturday chaired by Finance Minister Nirmala Sitharaman, it was decided to increase GST on mobile phones from 12% to 18%. This decision of the council is possible to increase the prices of mobile phones. Even before the supply of mobile components from China is affected due to Coronavirus, handset companies are talking about price increases. The prices of some brands of mobile phones and electronic gadgets are already seeing a boom.
Tax on aircraft maintenance service reduced to 5%
According to other decisions taken at the GST Council meeting, matches will attract 12% GST. Earlier, hand made matches were taxed at 5 per cent. The new GST rates will be effective from April 1. Apart from this, the rate of GST on maintenance, repair and overhaul service of aircraft has been reduced from 18% to 5%. Lack of this service in India causes airline companies to send aircraft abroad for maintenance and it costs a lot.
Those with less than Rs 2 crore turnover will not be fined for late filing
GST Council Finance Minister Nirmala Sitharaman said that the date of filing GST returns for the financial year 2018-19 has been extended to 30 June 2020. Businessmen whose turnover is less than Rs 2 crore will not have to pay penalty for filing late returns. This rule will also apply if there is a delay in filing the resolution of the statement. Apart from this, the GST Council has decided to charge interest on net tax liability from July 1 for delay in payment.