Summary of 21st meeting of the GST Council Held on 9th September 2017

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Summary of 21st meeting of the GST Council

1. Due date of GSTR1 for July extended to October 10

• For registered persons with turnover in a state more than Rs. 100 crores, due date for GSTR-1 for July 2017 will be 03.10.2017
• For others, due date for GSTR - 1 July 2017 will be 10.10.2017 
• GSTR-2 (for the month of July 2017) 31.10.2017
• GSTR-3 (for the month of July 2017) 10.11.2017
• GSTR-3B- a self-declaration form - have been extended by four months i.e. GSTR 3B need to be filed *till December* month for collecting Payments.
• GSTR-4 (for the quarter July-sep 2017) 18.10.2017
• GSTR-6 (for the month of July 2017) 13.10.2017
  

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2. Time table for next month (August 2017) to be announced later on
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3. Last date for filing TRAN 1 extended upto 31st Oct 2017. TRAN 1 filed earlier can be revised
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4. Window for Composition option to be re-opened. Due date 30th Sept
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5. Handicraft artisans with annual earnings of upto Rs 20 lakh will not require GST registration. Khadi sold through KVIC stores exempted.
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6. The governement decided to form a 3-member inter-ministerial team to look at the functioning of GSTN to address issues faced by users while uploading GST returns.
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7. Businesses selling branded food are deregistering their brands to evade tax as unbranded food is not taxed. The fitment committee proposed to the GST Council to consider *May 15, 2017, as the cut-off date for considering a brand as registered for the purpose of levy of GST,* irrespective of whether or not the brand is subsequently deregistered. Rate for branded goods reduced to 5% from 12%.
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8. The Council discussed tax rates of 134 items, including unbranded food products
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9. Tax rates reviewed and reduced for 30 items.
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10. Review of tax rates after 6 months if healthy collection continues
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11. GST on Works Contract for Govt reduced to 12%
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12. No change in Cess on Cars with engines less than 1200cc petrol or 1500cc diesel. Cess on Mid segement cars increased by 2%, Cess on Large cars increased by 5%, Cess on SUV increased by 7%. No change for Hybrid cars
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13. Despite robust collection of GST (Rs. 95000 Crore), on account of *unrealised IGST* (Rs. 37000 Crore), State Govts are facing liquidity issues.
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14. Officer's committee to be formed to look on embedded taxes in exports

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REGARDS
ACA SOURAV BAGARIA