Summary of Important Decisions as decided in 22nd GST Council Meeting

DECISION & Recommendation TAKEN IN 22ND GST COUNCIL MEETING

1. Composition Scheme Limit enhanced to Rs. 1.00 Cr with 1% Tax for Traders, 2% for Manufacturers & 5% for Restaurant

2. Filing of Returns upto Turnover of Rs. 1.50 Cr – Quarterly (Non Composition Assessee)

.3. Refund to Exporters – To be Started from 10.10.2017 for July Month & 18.10.2017 for August Month manually

4. From now Onwards Refund will be granted immediately after filing the Return to the Exporters

5. Postponement of RCM till Dt. 31.03.2018

6. E way Bill implementation postponed till April 2018

7. PAN not needed for Jewellery above Rs. 50 k.

8. 5 Member Committee to be Constituted for review of Rate of GST for Restaurant & Inter State Sales Transaction for Composition Assessee and Exclusion of Exempted Goods from Total Turnover and ITC to Manufacturers opting Composition Scheme

9. E-Wallet Facility to Exporters from April 2018

10. Advance Licence Holder, 100% EOU, & EPCG Holder can export @ 0.1% till 31.03.2018

11. Exemption from Inter State Service Registration if Service Provider is having below 20.00 Lacs Turnover

12. TDS / TCS postponed till April 2018

13. Rate of GST changed for 32 Items

14. Man Made Yarn to be Taxed at 12% in stead of 18%

15. Services Job Work of Jari from 12% to 5%

16. Printing Jobwork 5%

17. Govt. Contracts involving High Element of Labour @5%

18. Leasing of Vehicle abatement of 65% which are contracted before 01.07.2017

19. GSTR-4 Return date extended to 15th Nov’17.

20. GSTR-6 date extended to 15th Nov’17

Wait for official Notification for these changes to take Place

Next Meeting on Dt. 09.11.2017 & 10.11.2017 at Guwahati

For detailed understanding, watch Video –

https://youtu.be/hxJHTg_ZnEY

Role of GST Practitioner Under GST