Following is the Summary of 22 Key Decisions taken by GST Council at 22nd GST Council Meeting
1. Turnover limit for Composition Scheme extended to Rs. 1 crore from 75 lacs in all States and Rs. 75 lacs for Special category States except Uttarakhand and Jammu & Kashmir. Can be availed anytime before 31.03.2018.
2. Exemption from registration for service providers making inter-State supply of services up to Rs. 20 lacs (Rs. 10 lacs in special category States except J&K)
3. Quarterly filing of returns and quarterly payment of tax for taxpayers having turnover up to Rs. 1.5 Cr from October,2017.
4. Suspension of reverse charge mechanism under Section 9(4) of the CGST Act and 5(4) of the IGST till 31st March 2018.
5. Taxpayers with aggregate turnover up to Rs. 1.5 Cr will not be required to pay GST on receipt of advances on account of supply of goods.
6. Service provided by a GTA to an unregistered person shall be exempted from GST.
7. Registration and operationalization of Tax Deducted at Source (TDS) / Tax Collection at Source (TCS) provisions has been postponed till 31st March 2018.
8. E-Way bill to start from 1st January 2018 in a staggered manner and nationwide E-Way Bill to be operationalized from 1st April 2018
9. Refund of IGST paid on exports for the month of July from 10.10.2017
10. Refund of IGST paid on exports for the month of August from 18.10,2017
11. Dates for refund of accumulated credit and SEZ related refunds will be announced soon.
12. Immediate interim relief provided to exporters previously availing Advance Authorization / Export Promotion Capital Goods / 100% EOU schemes through exemption from IGST and Cess on imports and giving deemed export status to domestic procurement.
13. Merchant Exporters to pay nominal 0.1% GST for procuring goods from domestic suppliers for export.
14. An “E-Wallet” scheme for exporters to be launched by 1st April 2018 to facilitate exporters and minimise working capital blockage.
15. Rate for Synthetic yarn; Artificial yarn; spun yarn of manmade fibre reduced from 18% to 12%
16. Rate for parts suitable for use solely or principally with in fixed speed diesel engines of power not exceeding 15HP reduced from 28% to 18%
17. Rates for parts suitable for use solely or principally with power driven pumps primarily designed for handling water, namely, centrifugal pumps, deep tube-well turbine pumps, submersible pumps reduced from 28% to 18%.
18. IGST exemption on imports of bonafide gifts up to CIF value of Rs- 5000.
19. Job work rates rationalized on several services
20. ITC of input services allowed in the same /Me of business for Rent-a-cab services
21. GST rates for leasing services for vehicles leased prior to 1.07.2017 rationalized
22. Definition of Governmental Authority expanded to include Authority Set-up to carry out functions entrusted to Panchayat under Article 243G of the Constitution.
Role of GST Practitioner Under GST
From when will the revised GST rates come in force. When will the notification be issued
the below decision on works contract of govt projects gst rate reduction to 5% is not reflecting in your above article ?
Oct 6, 2017
7:47 pm (IST)
Haseeb Drabu says not a lot of big-ticket rate revisions at this GST Council meeting. GST on work contracts for government has been reduced to 5% from 12%, says Drabu.
An Individual has income from Rent amounting to Rs.9 lakh a year on letting of commercial property. He intends to start proprietory concern of trading in readymade garments. Turn Over will be between 22 to 25 lakh per annum. Can he opt. for composition scheme under GST??
xtract of gst council meet news item from net:-
the below decision on works contract of govt projects gst rate reduction to 5% is not reflecting in your above article ?
Oct 6, 2017
7:47 pm (IST)
Haseeb Drabu says not a lot of big-ticket rate revisions at this GST Council meeting. GST on work contracts for government has been reduced to 5% from 12%, says Drabu.
Point No 17
Chapter 84&85 – Parts suitable for use solely or principally with power driven pumps primarily designed for handling water, namely, centrifugal pumps (horizontal and vertical), deep tube-well turbine pumps, submersible pumps, axial flow and mixed flow vertical pumps already not in 28%.
already in 18% (not covered in any of the schedule). that means no change in tax
Kindly clarify
good