The Goods and Services Tax (GST) Council Saturday increased rates on mobile phones and specified parts from 12 per cent to 18 per cent. This will come into effect from April 1. The announcement was made by Union Finance Minister Nirmala Sitharaman after she chaired the 39th meeting of state and Union Territory finance ministers as well as senior officials in New Delhi.
The Council also decided to reduce to the tax rate on maintenance repair overhaul (MRO) services of aircraft to 5 per cent from 18 per cent. The rate on handmade and machine-made matchsticks, meanwhile, has been rationalised to 12 per cent.
— ANI (@ANI) March 14, 2020
During the meeting today, the Council also decided to waive late fees for delayed filing of annual Income Tax returns for FY18-19 by entities with a turnover of less than Rs 2 crore.
Also, from July 1, delayed GST payment will attract interest on net tax liability.
(With input from PTI)
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