Providing relief for women, the GST Council has recommended to exempt the Sanitary Napkins, Rakhi, etc. from GST. Besides, in the case of more than 50 items GST rates have been reduced.
For taxpayers having turnover upto 5 crores, monthly return not required. Taxpayer has to pay the tax each month and file returns quarterly. As a result, about 93 % of GST dealers (about 80 Lakh dealers) will now be exempted from filing monthly returns.
GST Council has recommended to introduce Sugam and Sahaj GST Return Forms for composite/ other dealers, for ease of compliance to be made by the taxpayers.
GST Council has recommended to further defer the Reverse Charge Mechanism (RCM) upto 30 Sept. 2019.
Taxpayers to be allowed to obtain multiple GST Registrations even in one state, as against existing restrictions for doing so.
Those who could not migrate or who are having provisional GST Registration, can migrate/ register under GST upto 31 Aug. 2018 and applicable late fee/ penalty shall be waived.
GST Council to meet again on 4 Aug. 2018 to deliberate and discuss issues relating to Simplification and Rationalization of GST Laws, specially for MSMEs and Small Taxpayers.
GST Council has recommended to allow refund of unutilised ITC to taxpayers in the Textiles Sector, to boost job creation and compliance in the Sector.
GST Council has recommended to increase the threshold for registration under composition scheme, from Rs. 1 crore to 1.5 crore.
GST Council has recommended to simplify the process of cancellation of registration. Now compliance requirements will stop from the date of submission of application for cancellation, as the registration number will be suspended immediately.
GST Council has recommended to increase the turnover threshold limit for registration in the case of certain States from Rs. 10 Lac to Rs. 20 Lac, i.e. Assam, Arunachal Pradesh, Himachal Pradesh, Meghalaya, Uttarakhand and Sikkim (6 states).