After approx a month post GST implementation, 20th GST council Meeting headed by union Finance Minister Arun jaitley, came up with following changes.
Let’s have a quick look towards highlights of 20th GST council meet:
Lowering the rate
| Earlier | Now | |
| Job work of all kinds of textiles | 18% | 5% |
| Tractor parts | 28% | 18% |
| Work contract* | 18% | 12% with ITC |
*Government given Work contracts like roads, bridges, canals
E-way bill
- It would be rolled out from October1, 2017.
- Not to be issued for exempted goods.
- Given in principal approval
- Not to be issued of goods are travelling within 10 km radius
- Limit of Rs. 50,000 remain unchanged
Anti- profiteering
Anti- profiteering mechanism will be started by appointing State wise committees.
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Author: C S Ekta Maheshwari is the Author of this article and is Company Secretary by profession. The Author can be reached at csektamaheshwari14@gmail.com
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The entire contents of this article is solely for information purpose and have been prepared on the basis of relevant provisions and as per the information existing at the time of the preparation.. It doesn’t constitute professional advice or a formal recommendation. The author has undertook utmost care to disseminate the true and correct view and doesn’t accept liability for any errors or omissions. You are kindly requested to verify & confirm the updates from the genuine sources before acting on any of the information’s provided herein above.
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