GST COUNCIL GIVES MAJOR RELIEF TO BUSINESS ENTITIES

Goods and Services Tax – GST – By: – Mr. M. GOVINDARAJAN – Dated:- 14-11-2017 Last Replied Date:- 28-11-2017 – 23RD Council Meeting The GST Council held its 23rd Council meeting on 10.11.2017 at Guwahati. The decisions taken in that council meeting and the recommendations of the GST Council come in light. We can feel the major relief among business entities on the recommendations of the GST Council which are expected to come into force with effect from 15.11.2017 by which the Government will issue necessary notifications in this regard. Rate Changes The Committee recommended the reduction of tax rates as detailed below- The Council has recommended reduction in GST rate from 28% to 18% on goods falling in 178 headings at 4 digit level (including 4 tariff heading that are partially pruned).After these changes, only 50 items will attract GST rate of 28%; The Council has recommended in reduction in GST rate from 28% to 12%for- Wet grinders consisting of stone as grinder; Tanks and other a

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ngles of lac/shellac from 3% to NIL. Exemption The GST Council has recommended for exemption from IGST/GST in certain specified cases as detailed below- Exemption from IGST- On imports of lifesaving medicine supplied free of cost by overseas supplier for patients, subject to certification by DGHS of Centre or State and certain other conditions; On imports of goods (other than motor vehicles) under a lease agreement if IGST is paid on these lease amount; To extend IGST exemption presently applicable to skimmed milk power or concentrated milk on supplyingto distinct person for use in production of milk for distribution through dairy cooperatives to where such milk is distributed through companies; On imports of specified goods by a sports person of outstanding eminence, subject to specified conditions; Exemption from GST on specified goods, such as scientific or technical instruments, software, prototype supplied to public funded research institution or a university or IISC or IITs or NI

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GST of 5% without input tax credit; Restaurants in hotel premises having room tariff of ₹ 7500 and above per unit per day will attract GST of 18% with full input tax credit.This is applicable to single room also. Outdoor catering will continue to be at 18% with full input tax credit; GST on services by way of admission to protected monuments is exempted; GST on job work services in relation to manufacture of those handicraft goods in respect of which casual taxable person has been exempted from obtaining registration, to be reduced to 5% with full input tax credit. Rationalization The existing exemption entries with respect to services provided by Fair price shops to the Central Government, State Governments or Union Territories by way of sale of good grains, kerosene, sugar, edible oil etc., under Public Distribution System against consideration in the form of commission or margin, is being rationalized so as to remove ambiguity regarding list of items and the category of recip

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377; 1.5 crore per annum; (will be effected only after the amendment of CGST and SGST Acts) Returns The GST Council recommended the following in respect of filing of returns- All taxpayers would file return in Form GSTR 3B along with payment of tax by 20th of the succeeding month till March 2018; For filing of GSTR – 1, the taxpayers are divided into two categories – having annual turnover up to ₹ 1.5 crores and having annual turnover more than ₹ 1.5 crores; The GSTR -1 is to be filed on quarterly basis for the taxpayers having annual turnover up to ₹ 1.5 crores as detailed below- July 2017 to September 2017 – 31.12.2017; October 2017 to December 2017 – 15.02.2018; January 2018 to March 2018 – 30.04.2018. The GSTR – 1 is to be filed on monthly basis for the taxpayers having annual turnover more than ₹ 1.5 crore as detailed below- July 2017 to October 2017 – 31.12.2017; November 2017 – 10.01.2018; December 2017 – 10.02.2018; January 2018 – 10.03.2018; February 20

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