KEY POINTS OF 22ND GST COUNCIL MEETING 6.10.17

In order to ease the compliance burden of SME Sectors, following amendments has been recommended:
.
.

1. SMEs With Annual Turnover Of Up To Rs 1.5 Cr Allowed To File Quarterly Returns. Return to be filed once in quarter not monthly basis but Tax is still to be paid on monthly basis

2. E-way bill provisions deferred till April 2018.
.
3. Turnover for composition scheme raised from ₹75 Lakhs to ₹ 1 crores with 1% Tax for Traders, 2% for Manufacturrs & 5% for Restaurent
.
4. Reverse charge to be abolished till 31.03.2018.
.
5. E-wallet for exporters will come into play after 6 months.
.
6. Tax refunds to exports will start from October 10. Refund to exporters will be granted with effect from 10th October for the month of July and with effect from 18th October for the month of August. There will be a nominal 0.1 percent GST applicable on exports.
.
7. IGST Exemption for exporters for 6 months
.
8. TDS & TCS Provisions will be in operation from April 18.
.
9. Inter-state supply of services exempted up to 20 lacs
.
10. Works contract having large labour content - rate reduced to 5% but without credit overflow
.
11. Rates for government construction contracts in several case where labour component is more such as irrigation projects are reduced to 5% from 12%.
.
12. Tax on cloth reduced to 5% from 12%.
.
13. 60 items tax reduced to 5% from 12%.
.
14. Ac Restaurant Tax reduced to 12% from 18% GST.
.
15. Yarn, clips & pins have been brought down to 5% slab
.
16. Relief for jewellers as no need to furnish PAN card on jewellery purchase of more than Rs 50,000
.
17. Gas stove and consumer items reduced from 28%
.
18. Big Tax Payers filing monthly basis who are purchasing goods from small tax payers will require to avail credit through their GSTR 2 by filing manual feeding.
.
19. Leasing of Vehicle abatement of 65% which are contracted before 01.07.2017
.
20. Tax Rates of around 27 items has been revisited by fit-ment committee. Changes rates for some items are as follows:
.
(a) From 12% to 5%: Unbranded namkeen, Unbranded ayurvedic medicines, Paper Waste
(b) From 18% to 5%: Plastic Waste, Rubber Waste
(c) From 28% to 18%: Parts of Diesel Engine, Stationary items, Stones used for flouring except marble and stone
(d) From 18% to 12%: Man-made Yarn
(e) Many Items of Job Work for example printing items are reduced to 5% from 12%.
(f) Rates for government construction contracts in several case where labour component is more such as irrigation projects are reduced to 5% from 12%
(g) Services Job Work of Jari from 12% to 5%
.
.
Next Meeting on 09.11.2017 & 10.11.2017 at Guwahati
.

DOWNLOAD FILE IN PDF

. Comment your views regarding these changes made in GST Meeting
.
.
Regards
ACA SOURAV BAGARIA