GST on mobile phones raised to correct inverted duty structure
Sitharaman said that mobile phones and certain specified parts will attract a GST of 18% instead of 12% to correct the inverted duty structure, wherein inputs are taxed at higher rates than the finished products.
However, the FM said that the rationalization of the tax structure for other products—such as fertilizers, man-made yarn, fiber, footwear, etc.—will be done in the next GST Council meeting.
Late annual filing fee waived if turnover below Rs. 2cr
Sitharaman said that late fees will not be levied for the delayed filing of the annual return and reconciliation statement for the current and the previous fiscals for taxpayers with a turnover of less than Rs. 2 crore.