GST news for this week

GST Highlights
No change in last date to file annual GST return: Finance Ministry
The Union Finance Ministry, on Tuesday, issued a detail-ed clarification on the annual return filing for the Goods & Services Tax (GST). The last date to file returns will continue as June 30.

IGST credit accrued in FY18 won’t lapse even if not availed in that fiscal: Finance Ministry
The ministry also advised taxpayers to file the correct data about tax payment and other details as reported in monthly sales returns in annual return GSTR-9 by omitting the auto populated data
The Finance Ministry Tuesday assured trade and industry that input tax credit accrued on import of goods by paying GST in 2017-18 will not lapse even if the taxpayer has not claimed credit in the same financial year.

Consumer goods firms want GST on ACs, large TVs cut to 18%
White goods makers want Goods & Services Tax (GST) on air conditioners (ACs) and large televisions (above 32 inches) to be reduced to 18 percent from 28 percent in the first GST Council meeting of Modi 2.0. The white goods market in India is currently valued around Rs 60,000 crore.
If the GST rates reduce, prices of ACs will drop further. Till date, ACs were viewed as a luxury item and hence should be taxed at the highest slab of 28 percent.
Apart from ACs, there has been a consistent demand from the smart TV segment to pare down the GST rate to 18 percent.