Goods and Services Tax – GST – By: – Ashwarya Agarwal – Dated:- 10-10-2017 Last Replied Date:- 28-10-2017 – GST Update (Decisions of 22nd GST Council meeting which is yet to be notified): 1. Benefit for Composition Scheme 1.1 Threshold turnover to opt for composition scheme is raised from 75 lacs to 1 crore; 1.2 Person opting for composition scheme was restricted from providing any exempted / taxable service. But now a composite dealer can provide exempted service also. Eg. A doctor running clinic / hospital and pharmacy can now opt for composition for pharmacy; 1.3 A Group of Ministers shall be formed to make composition scheme more attractive. 2. Earlier any person providing inter-state service (other than job worker) was not eligible for threshold exemption of 20 lacs. However now such service providers can avail such benefit. Any person who has already taken registration may opt for cancellation; 3. Now small and medium businesses with annual aggregate t/o upto ₹ 1.5 crore s
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nth of July and 18th October 2017 for Month of August; 9.2 Refunds of IGST and Input tax for export to SEZ shall begin from 18th October 2017; 9.3 Merchant exporter (Trader) can now procure goods from domestic supplier on payment of GST @ 0.1%; 9.4 Exporters holding Adv. Authorization/EPCG and EOU's can now import / procure goods from domestic supplier without payment of GST; 9.5 Mechanism in 9.3 and 9.4 above is for temporary relief. As permanent relief, e-wallet to be introduced w.e.f 1st April 2018 which shall be credited for exporter with notional amount as advance refund for payment of GST. This advance shall be later adjusted with balance refund due after export; 9.6 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%; 9.7 Specified banks and Public Sector Units (PSUs) are being allowed to import Gold without payment of IGST. This can then be supplied to exporters as per a scheme similar to Advan
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plot for infra development by authority having more than 50% stake of CG/ SG/UT shall be exempted from GST; 14. Further GST rates have also been revised in respect of certain goods / services. Finally 22nd meeting of GST Council has really given some breathing space to trade and industry people. Source: Press Release of department dated 06.10.2017 – Reply By shailender kumar – The Reply = Exporter take Duty Drawback with ITC under GST – Reply By Ashwarya Agarwal – The Reply = Yes, dept has issued new duty drawback rate which has 2 rates for each item. One is with cenvat and other is without cenvat. – Reply By Avinash Gopalakrishnan – The Reply = when are they planning to bring the Notification on 9.3 Merchant exporter (Trader) can now procure goods from domestic supplier on payment of GST @ 0.1%, or can i just ask my supplier to bill me at 0.1% for the next supply – Reply By Ashwarya Agarwal – The Reply = I am not sure about it but hopefully tomorrow i.e. 12.10.17. – Reply By Avinash G
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