GST Council reduces tax rate for velvet fabric

GST Council on its 25th meeting has reduced the GST rate on velvet fabric (code 5801 37 20) from 12 per cent to 5 per cent with no refund of unutilised input tax credit. The recommendation of the Council will be effective from 00 hours on January 25, 2018. The Council, at its meeting in New Delhi, also decided that the late fee payable by any registered person for failure to furnish form GSTR-1 (supply details), form GSTR-5 (non-resident taxable person) or form GSTR-5A (OIDAR) will be reduced to fifty rupees per day and shall be twenty rupees per day for ‘nil’ filers. The late fee payable for failure to furnish form GSTR-6 (Input Service Distributor) shall be fifty rupees per day.