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
CA Fenil Shah