Here are some of the key decision’s taken by the GST council in the 22nd meeting held on 06th October 2017. These decisions are communicated for general information and the actual effect will be given through official gazette notifications, which will be published very soon. Details are as follows:
- GST council has given Relief to small scale units by rationalizing GST rates on job work services.
- Further Service providers are Exempted from GST Registration if the aggregate turnover is less than INR 20 Lacs (INR 10 Lacs in special category state except for J&K) even if making inter-state supplies of services.
- Businesses with an annual turnover of up to INR 1.5 Crores have got relaxation in Quarterly filing of GSTR 1, 2 and 3 along with the payment of tax from 3rd Quarter of the Financial Year, i.e October to December 2017. GSTR 1,2 and 3 are to be filed monthly for the months of July, August, and September. Till December, the monthly filing of GSTR 3B is also required.
- Also, they Need not have to pay GST at the time of receipt of advances for the supply of goods from the customer.
- TDS/TCS provisions postponed till 31st March 2018
- Services provided by a GTA to unregistered persons are exempted from GST
- Eligibility for composition scheme is raised to INR 1 crore.( except J&K and Uttarakhand which is now increased to INR 75 Lacs from INR 50 Lacs).
- The E-way bill system shall be rolled out nationwide from 1st April 2018.
- The last date for filing GSTR-4 for the 1st Quarter shall be extended to 15th November 2017.
- The last date for filing GSTR-6 by ISD for the month of July, August and September 2017 shall be extended to 15th November 2017.
- Reverse charge mechanism applicable for purchases from unregistered dealers shall be suspended till 31st March 2018.
- GST Rates for Goods and IGST Rates on Imports of Goods has been further reduced.
- Merchant exporters will now have to pay nominal GST of 0.1% for procuring goods from domestic suppliers for export.
- 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. This facility will be made operational by 1st April 2018.
- Exporters have been exempted from furnishing Bond and Bank Guarantee when they clear goods for export.
The FAQ on 29th GCM
06th October 2017
You can find it on the GST Council meeting update page at GST India News.
The press release is a list of recommendations made by the GST council in its meeting.
The CBIC issues notifications to give effect to the recommendations made by the GST council.
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Thanks for sharing this useful information with the users.This article is excellently written and covers all the aspects of key decisions taken by GST council held few days before.Keep up the good work.