- CA Priya Pradeep Jain
- | Goods and Services Tax - Articles
- 07 Oct 2017
- 3,576 Views
- 0 comment
As per The GST Council under Chairmanship of Union Finance Minister Shri Arun Jaitley has in its 22nd Meeting held at Delhi today approved a major relief package for exporters. :-
1.Exporters have been exempted from furnishing Bond and Bank Guarantee when they clear goods for export.
2.The permanent solution to cash blockage is that of “e-Wallet” which would be credited with a notional amount as if it is an advance refund. This credit would be used to pay IGST, GST etc. The details of this facility would be worked out soon. The Council desired that the “e-Wallet” solution should be made operational w.e.f. 1st April 2018.
3.To restore the lost incentive on sale of duty credit scrips, the GST on sale purchase of these scrips is being reduced from 5% to 0%.
4.Within the next 4 days i.e. by 10.10.2017 the held-up refund of IGST paid on goods exported outside India in July would begin to be paid. The August backlog would get cleared from 18.10.2017 and refunds for subsequent months would be handled expeditiously.
5.Other refunds of IGST paid on supplies to SEZs and of inputs taxes on exports under Bond/LUT, shall be processed from 18.10.2017 onwards. For this, the Council agreed to suitably empower Central and State GST officers so that exporters get refunds from one authority only.Related matters of settlement of funds are being resolved.
6.Merchant exporters will now have to pay nominal GST of 0.1% for procuring goods from domestic suppliers for export. The details would be released soon.
Recommended Changes in GST Rates for Goods and IGST Rates on Imports of Goods:-
1.GST Rates for 27 Goods have been reduced.
2.Some conditions are stated in the Press Release;if the same are complied with then the registered dealer will be eligible for Recommended GST Rates.
3.IGST Exemption on Import of Certain Goods.
Recommendations for Small Units made in the 22nd GST Council meeting on 6th October, 2017
1. The composition scheme shall be made available to taxpayers having annual aggregate turnover of up to Rs. 1 crore as compared to the current turnover threshold of Rs. 75 lacs.
2. Persons who are otherwise eligible for composition scheme but are providing any exempt service (such as extending deposits to banks for which interest is being received) were being considered ineligible for the said scheme. It has been decided that such persons who are otherwise eligible for availing the composition scheme and are providing any exempt service, shall be eligible for the composition scheme.
3. It has now been decided to exempt those service providers whose annual aggregate turnover is less than Rs. 20 lacs from obtaining registration even if they are making inter-State taxable supplies of services.
4. For Regular Tax Payers having Annual aggregate turnover below 1.5 crores, shall be required to file quarterly returns in FORM GSTR-1,2 & 3 and pay taxes only on a quarterly basis, starting from the third quarter of this financial year i.e. October-December, 2017. The due dates for filing the quarterly returns for such taxpayers shall be announced in due course.
5. Meanwhile, all taxpayers will be required to file FORM GSTR-3B on a monthly basis till December, 2017.
6. The due dates for the months of August and September, 2017 GSTR 1,2 & 3 will be announced in due course.
7. The reverse charge mechanism under sub-section (4) of section 9 of the CGST Act, 2017 and under subsection (4) of section 5 of the IGST Act, 2017 shall be suspended till 31.03.2018.
8. The due date for filing GSTR 4 (composition dealers) of July-September 2017 is extended to 15th November 2017. Point to be noted-The payment of GST Liability is to be done by 20th October 2017.
9. Invoice Rules are being modified to provide relief to certain classes of registered persons.
10. The E-way bill will be effective from 01.04.2018.
11. The taxpayers having annual aggregate turnover up to Rs. 1.5 crores will not be required to pay GST at the time of receipt of advances on account of supply of goods.
12. The registration and operationalization of TDS/TCS provisions postponed till 31.03.2018.
Related Government Press Releases
8 Relief Measure approved for exporters by GST Council
12 decisions taken by GST Council for Small and Medium Enterprises
Govt reduces GST rate on 28 type of goods and provided IGST exemption on few goods
Change in GST Rate on Services / Job Work approved by GST Council
Role of GST Practitioner Under GST
Kindly Refer to Privacy Policy & Complete Terms of Use and Disclaimer.
Author Bio
Name: CA Priya Pradeep Jain
Qualification: CA in Job / Business
Company: Grant Thornton India LLP
Location: Maharashtra, IN
Member Since: 24 Aug 2017 | Total Posts: 8
My Published Posts
More Under Goods and Services Tax
Latest Posts
- Exclusion of employees of Regional Rural Banks from purview of EPF & MP Act, 1952
- FSS (Prohibition and Restrictions on Sales) Third Amendment Regulations, 2021
- Balance Unclaimed additional depreciation allowable in immediately succeeding assessment year
- IBBI Invites comments on Pre-packaged Insolvency Resolution Process
- NRI allowed to incorporate OPC in India w.e.f. 01.04.2021
- Conversion of Private Limited Company Into LLP – Procedure & FAQs
- Analysis of SC case on Time limit Limitation on proceedings during Covid-19 pandemic
- Service tax on non-refundable contribution made by member of SPV units
- Excise dues of Husband cannot be recovered from Wife’s Property
- ITAT directs AO to follow rule of Consistency while disallowing expenses
Popular Posts
Featured Posts
- Join Self-Learning Certification Courses on GST, Customs & Income Tax by Taxguru Edu
- 13 Suggestion to FM for Simplification of GST (Hindi & English)
- Remittance Abroad – Form No. 15CA & Form 15CB – Lucidly Explained 18 FAQs
- E-invoicing – Request for immunity to dealers upto 31.03.2021
- Due Date Compliance Calendar March 2021
