Saturday, 7 October 2017

GST Council Meeting Updation.

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*Today's GST Meeting Highlights*
- *GST Council* allows *quarterly returns to traders with turnover upto Rs 1.5cr*
- *GST Council* allows increase in cap *for composition scheme from turnover upto Rs 75 lakh to Rs 1cr*
- *Reverse charging facility* deferred until 31 March 2018
- *E-wallet system* (separate for each exporter for payment IGST/CGST) to be implemented till from 1 April 2018. Till then, *they shall pay nominal tax of 0.1%*
- *Issue of taxation wrt restaurants* transferred to committee which will come out with its report within 2 weeks
- *Provisions of TDS/TCS* to be implemented from 1 April 2018
- *E-way bill pilot successful in Karnataka* and likely implementation from 1 April 2018
- *Businesses providing exempted services* shall be out of service tax net
- *GST Rate on work contracts by Govt (involving high degree of labour e.g. irrigation projects)* reduced from 12% to 5%
- *GST rate on plastic/rubber/paper waste/e-waste* reduced from 12% to 5%
- *GST Rate on Spinning Yarn* reduced from 18% to 12%
- *GST Rate on stones (other than marble/granite)* reduced from 28% to 18%
- *GST Rate on parts of diesel engine/pumps* reduced from 28% to 18%
- *GST Rate on job works in embroidery, food items, imitation jewellery* reduced from 12% to 5%
- *GST Rate on car leasing* (for cars less than 1 year) reduced by 35%
-*GST EXIM might be approoved in the Next meeting of GST Council.

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