Outcome of GST Council Meeting dated 06th October, 2017


22nd GST Council meeting was held on 06th October, 2017 to discuss various matters. 

Following are the outcome of this meeting.

  1. Limit for turnover in compensation scheme raised from Rs 75 Lakh to Rs 1 Crore. And threshold of turnover for special category States, except Jammu & Kashmir and Uttarakhand, raised from Rs. 75 lacs from Rs. 50 lacs.
  2. E-way Bill provisions to be deferred till April, 2018
  3. Reverse Charge in case of supplying services or goods by unregistered dealer to registered dealer not to be applicable till 31st March, 2018
  4. Dealer with Turnover upto Rs 1.5 Cr (non-composition scheme) required to be file quarterly returns and pay tax pay on quarterly basis starting from the Third Quarter of this Financial Year i.e. October-December, 2017. 
  5. Small businesses will also have to file monthly returns for three months – July, August and September – and the switchover to quarterly filing will happen from the cycle starting 1st October.
  6. GST Rate on few food items, Zari work, job work items etc has been reduced from 12 percent to 5 percent.
  7. Every exporter will now get an e-wallet. In the e-wallet, there would be a notional amount for credit. The refund they will eventually get will be offset from that amount. The e-wallet will be introduced from April next year.
  8. Tax refunds to exports will start from October 10, 2017 
  9. GST rate on some stationery items, diesel engine parts also reduced to 18 percent from the earlier 28 percent.
  10. Any person providing exempted service are eligible for compensation scheme.
  11. Petroleum products continuous to remain outside the ambit of GST
  12. Service providers whose annual turnover is less than Rs 20 Lacs from are EXEMPTED obtaining registration even if they are making inter-State taxable supplies of services.
  13. registration and operationalization of TDS/TCS provisions is postponed till 31.03.2018.
  14. Services provided by a Goods Transport Agencies (GTA) to an unregistered person is exempted from GST.
  15. Taxpayers having annual aggregate turnover uotpo Rs 1.5 Cr shall not be requried to pay GST at the time of receipt of advance on the account of supply of goods.
  16. Due Date for filing Form GSTR-4 under composition scheme for quarter July-Sep 2017 shall be extended to 15th November, 2017
  17. Due Date for filing Form GSTR-6 by input service distributor for quarter July-Sep 2017 shall be extended to 15th November, 2017
To access Press Release issued by Ministry of Finance, Click Here

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