GST Council lowers rates for 66 items, increases limit for Composition Levy
By: – Bimal jain
Goods and Services Tax – GST
Dated:- 13-6-2017
Dear Professional Colleague,
GST Council lowers rates for 66 items, increases limit for Composition Levy
The all-powerful GST Council headed by the Hon'ble Finance Minister, Mr. Arun Jaitley met for the sixteenth time with an agenda to review the rates on basis of representation made by the Industries & Traders & take up pending Draft Rules. Ahead of this meeting, we have moved one step more closure towards GST rollout from July 1, 2017 as envisaged.
With the conclusion of the 16th GST Council meet on June 11, 2017, the gist of the key takeaways from the meeting of the GST Council are as under:
* Revised GST rates for certain goods:
The GST Council has reduced the GST rates on 66 items i.e. nearly half the 133 items on which representations had been received including cashew nuts, packaged foods such as sauces and pickles, aga
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er reverse charge)
10.
Kitchen use items like pickles, mustard sauce, and morabba
18%
12%
Revised GST Rate for Certain Goods
* Decisions in regard to Services taken up by the GST Council:
The GST Council has taken various decisions in regard to Services, which are discussed as under:
* In the list of Service Tax Exemptions to be continued in GST as approved by the GST Council, after S. No. 83, the following has been inserted:
S. No.
Pure services (excluding works contract service or other composite supplies involving supply of any goods) provided to Government, a local authority or a Governmental authority by way of any activity in relation to any function entrusted to a Panchayat under Article 243G of the Constitution or to any function entrusted to a Municipality under Article 243W of the Constitution
Services provided to the Government under any insurance scheme for which total premium is paid by Government
Services provided to the Government under any training progra
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Decisions in regard to Services taken by the GST Council
* Final approval to Draft Rules for Accounts & Records along withits Formats:
The GST Council has approved the following Draft Rule along with its Format which has been uploaded immediately after the GST Council's decision:
* Final Rules for Accounts & Records
* Final Accounts & Records Format
The aforesaid Final Rules along with its Format can be accessed at below link:
* Final Rules for Accounts & Records
* Final Accounts & Records Format
* Further IGST Exemptions under GST:
Another list of IGST Exemptions under GST has been uploaded after the 16th GST Council meet, which are as under:
* Bilateral Commitments – Imports under Agreement between India and Pakistan/Bangladesh for regulation of Bus Service
* Technical Exemptions for Temporary import/Re-Import
Another List of IGST Exemptions under GST
* Increased Threshold Limit for Composition levy:
It is to be noted that in terms of proviso to Section 10(
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