DECISION TAKEN IN 22ND GST COUNCIL MEETING

DECISION TAKEN IN 22ND GST COUNCIL MEETING
1. Composition Scheme Limit enhanced to Rs. 1.00 Cr with 1% Tax for Traders, 2% for Manufacturrs & 5% for Restaurent
2. Filing of Returns upto Turnover of Rs. 1.50 Cr – Quarterly (Non Composition Assessee). This scheme is optional from Q2 of FY 1718 for July August and September, all returns to be filed.
3. Refund to Exporters – To be Started from 10.10.2017 for July Month & 18.10.2017 for August Month manually
4. From now Onwards Refund will be granted immediately after filing the Return to the Exporters
5. Postponment of RCM to be paid for purchase from unregistered dealers till Dt. 31.03.2018. RCM u/s 9(3) will continue so RCM on GTA shall continue.
6. E way Bill implementation postponed till April 2018
7. PAN not needed for Jewellery below Rs. 2.00 Lacs
8. 5 Member Committee to be Constituted for review of Rate of GST for Restaurant & Inter State Sales Transaction for Composition Assessee and Exclusion of Exempted Goods from Total Turnover and ITC to Manufacturers opting Composition Scheme
9. E-Wallet Facility to Exporters from April 2018
10. Advance Licence Holder, 100% EOU, & EPCG Holder can export @ 0.1% till 31.03.2018
11. Exemption from Inter State Service from RCM if Service Provider is having below 20.00 Lacs Turnover.
12. TDS / TCS postponed till April 2018
13. Rate of GST changed for 32 Items
14. Man Made Yarn to be Taxed at 12% in stead of 18%
15. Services Job Work of Jari from 12% to 5%
16. Printing Jobwork 5%
17. Govt. Contracts involving High Element of Labour @5%
18. Leasing of Vehicle abatement of 65% which are contracted before 01.07.2017
19. No GST to be paid on Advance received, but to be paid on supply of goods.
20. No compulsory registration on taking services of GTA.
This views are based on the Press Release

Next Meeting on Dt. 09.11.2017 & 10.11.2017 at Guwahati
Thanks
CA Fenil Shah

GST Alert – connect with us before15th August

Hi,
Due dates of filing GST returns for the month of July and August, 2017 as per notification No. 18,19,20,21 dated 08/08/2017
FORM GSTR – 1(Notification No.18)
July = 1to 5 September
August = 16 to 20 September
FORM GSTR – 2(Notification No.19)
July = 6 to 10 September
August = 21 to 25 September
FORM *GSTR-3*(Notification No. 20)
July = 11 to 15 September
August = 26 to 30 September
FORM GSTR 3B(Notification No.21)
July = 20th August
August = 20th September
Request to kindly get your data for the month July shared with us on or before 15th August.
20th August is last date, which is Sunday, banks will be working till 18th, thus, tax would be required to be paid on or before 18th.

All set for GST on 1st July, 2017…!!!

All set for GST on 1st July, 2017…!!!

 Highlights of 15th GST Council meeting held on 03rd June, 2016.

  • All States have agreed for 1st July, 2017 roll out
  • It is expected that credit of 40 per cent under draft transition law will be changed.
  • As of 2nd June, 2017 – 23 States/UT have passed SGST Acts.
  • GST Rates as per News Agency (Official details yet to be received by us)

 

Footwear below Rs. 500/- 5%
Footwear above Rs. 500/- 18%
Biscuits 18%
Beedis 28% without cess
Readymade garments 12%
Textiles (Natural Yarn, Fabric Cotton) 5%
Man-made Yarn 18%
Gold, Jems, Jewellery 3%
Rough Diamond 0.25%

 

 

 

Compliance Calendar for June, 2017

6 June 2017

  • Payment of monthly Service tax by all taxpayers other than Individuals, Proprietors and Partnership firms electronically
  • Payment of monthly Central Excise Duty by all assessees other than SSI Units electronically.

7 June 2017

  • Due date for deposit of Tax deducted/collected for the month of May, 2017.

14 June 2017

  • Due date for issue of TDS Certificate for tax deducted under Section 194-IA in the month of April, 2017

15 June 2017

  • First Installment of Advance Income-tax for the Assessment Year 2018-19 viz. Financial Year 2017-18.
  • Quarterly TDS certificates (in respect of tax deducted for payments other than salary) for the quarter ending March 31, 2017.

29 June 2017

  • Due date for e-filing of a statement (in Form No. 3CEK) by an eligible investment fund under section 9A in respect of its activities in financial year 2016-17.

30 June 2017

  • Return in respect of securities transaction tax for the financial year 2016-17.
  • Quarterly return of non-deduction of tax at source by a banking company from interest on time deposit in respect of the quarter ending March 31, 2017
  • Report by an approved institution/public sector company under section 35AC(4)/(5) for the year ending March 31, 2017.
  • Due date for furnishing of statement of income distributed by business trust to its unit holders during the financial year 2016-17. This statement is required to be furnished to the unit holders in form No. 64B [As prescribed under Rule 12CA inserted by the Income-tax (First Amendment) Rules, 2015, w.e.f. 19-1-2015.]

 

GST Tariff as finalised on 18th May, 2017

GST Tariff as finalised on 18th May, 2017

Decisions at GST Council Meeting yesterday on Tariffs

1) Tariffs for 1211 items has been finalised. Focused mainly on fitment of goods under slabs, discussed and approved
2) 7 GST Rules are approved, with Rules relating to Return and Transition in review.
3) 81% of the items will fall up to 18% rate slabs. Only 19% of the goods above 18%.
4) Common man items have gone into 12% & 18% slab.
5) Indians sweets or mithai will fall under 5% slab.
6) Coal to be taxed at 5% against 11.69% currently.
7) All raw food items, including food grains to be exempt.
8) Processed food of daily needs to be in the 5% slab.
9) Sugar, Tea, Coffee (except Instant) and edible oil to fall under 5% slab, while cereals, milk to be part of exempt list under GST.
10) Tooth paste, hair oil will be taxed at 18% against 28% currently.
11) In a big boost to industry, Council has set the rate for capital good, industrial intermediate items at 18%

Note: GST Council will discuss the rate slab for important goods like gold, beedi, etc & Services tax rates, Today.

 

Tariffs as approved on 18th May, 2017

Cess Rates as approved on 18th May, 2017

GST Data Compilation

GST Data Compilation

52 days to go for GST Implementation date viz. 01st July, 2017. – Excel for GST Compliance.

 

By 10th of next month, details relating to the sales are to be uploaded on the GSTN (GST Network) every month.

A error in uploading the details of the customer, will result into no Tax credit to the customer. Due care is required at the supplier’s end for passing on correct tax credit.

A continuous error on one’s part, will result into lower GST Compliance Rating, which will impact overall image and branding of a business.

To ease out, we have prepared a excel sheet which would be helpful in keeping and tracking the details of the customers.

GST Questionnaire