Here are the key points which were discussed on 18th January, 2018 in 25th GST Council General Meeting.
  1. E-way bill system testing continues till January 25, loading will be made must from Feb 1.
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  2. 3B Returns filing may continue and suppliers may continue to load invoices
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  3. Time bar of 1 year for cancellation of registration by voluntarily registered person removed
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  4. Inter-state e-waybill to be operational from 1stFeb’2018. 15 states also ready for implementation of e-waybill for intra-state movement. Intra-state e-waybill to be implemented from 1st June, 2018
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  5. Decision on petroleum products deferred.
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  6. No decision on real-estate, will be taken up in next meet.
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  7. 29 Handicraft items have been put in 0% slab. GST rates have also been reduced in few agricultural products.
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  8. The GST Council also discussed how buyers should upload purchases invoices, and the sellers should upload sale invoices.
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  9. Collection under composite scheme only Rs 307 crore.
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  10. The fitment committee will fix the rates for about 40 handicraft items.
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  11. A few more items may be added to the list.
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  12. Rs 35,000 crore of Integrated GST will be provisionally divided between the Centre and states.
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  13. GST rates on 29 goods & 53 categories of services have been revised.
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  14. Late fee payable for failure to furnish various returns reduced
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  15. Low collection under Composition Scheme a cause of concern; re-introduction of RCM mechanism for composition dealer being considered
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  16. New rate to be effective from 25th January, 2018
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  17. Low revenue collection a cause of concern; focus on anti-evasion measures
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  18. The GST Council will hold a video conference in 10 days to explain simplified filing of returns.
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REGARDS
ACA SOURAV BAGARIA