Goods and Services Tax – GST – Dated:- 16-3-2018 – Based on the various representations received from the trade and industry, the GST Council has recommended a number of measures pertaining to change in Goods and Services tax rate and policy including the GST rates on eateries and small traders. Some of these decisions which have been implemented by the issuance of the requisite notifications and circulars are detailed below: Rationalization of GST Policy measures: Increase in the aggregate annual turnover threshold for eligibility under the composition scheme from ₹ 75 lakh to Rs. one crore for 27 States (including Jammu & Kashmir and Uttarakhand). Increase in the aggregate annual turnover threshold for eligibility under the Com
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urers and traders. The turnover of taxable goods to be considered for eligibility for the Composition scheme for traders. Supply of exempted services by Composition taxpayer will be allowed and the same will not be taken into account while computing the aggregate turnover. Amount of late fee payable for delayed filing of return in Form GSTR-3B by a taxpayer whose tax liability for the month was Nil reduced to ₹ 20/- per day (Rs.10/- per day each under CGST & SGST Acts) subject to maximum ₹ 5000/-under each Act from October, 2017. The amount of late fee payable for delayed filing of return in Form GSTR-3B by other taxpayers reduced to ₹ 50/- per day (Rs. 25/- per day each under CGST & SGST Acts) subject to maximum &
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mber of representations were received from the trade and industry regarding GST rates on goods and services. Based on these representations the GST Council reviewed the rates on goods and services in its subsequent meetings including GST rates on eateries which has been reduced from 18% with ITC to 5% without ITC, including a restaurant located in the premises of a hotel having unit of accommodation with declared tariff below ₹ 7500/-. The changes in the GST rate structure and policy have been recommended by the GST Council keeping in view the representations received from trade and industry and the interests of consumers and the same are expected to benefit the overall economy and consumers. The revenue loss on account of the rationa
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