Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 10-6-2017 Last Replied Date:- 12-6-2017 – The GST Council meeting held on 3rd June, 2017 at New Delhi succeeded on completing the pending issues on the agenda which inter alia included fitment of rates on textiles, bidi's, biscuits, gold & jewellery etc. Also, it cleared the rules as well as reteriated the stand that GST be implemented from July 1, 2017. Though West Bengal asked for a postponement till September, at the end, GSTC has announced 1st July, 2017 only as the date for implementation of GST law. Transition rules have also been cleared with some changes, most important being enhancement of limit of taking credit on closing stock by dealers from 40% to 60% an
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below ₹ 500) and @ 18% (costing > ₹ 500) Rough diamonds @ 0.25% Biscuits @ 18% Increase on deemed credit to 60% instead of presently proposed 40% if goods in GST slab of 18% or more; 40% if goods are in GST slab of less than 18% Differential rates for various textile items from zero percent to 28% [Jute & silk – nil; cotton fiber, yarn, fabric – 5%; readymade garments -5% (below ₹ 1000), 12% (above ₹ 1000), manmade yarn – 18%] GSTN fully geared up for 1st July roll out Committee for anti profiteering to be setup Next (16th) meeting of GSTC on 11 June, 2017 It was also decided to refined 50 percent of tax imposed on defense canteens. While deciding on hike in allowing input tax credit from 40% to 60% in case o
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State as well as trade and industry dealing with the State. The next (16th) meeting of GST Council has been scheduled for 11th June, 2017 to review the rates for refinement if the need be and to agree on the implementation of anti profiteering provision which is going to ensure that GST does not result into inflation. Also, the rules relating to e-way bills will be finalized. While there is no intention to seek postponement by a month or so in this write – up, but it can be said that there is no need for a rigid date of 1st July, 2017. If GST roll out is deferred by one or two months, heavens are not going to tall but would only add to comfort, confidence and ease of compliance and smooth transition. So deferment could be thought of at this
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