GST Council Updates | Oct 06th 2017

Major #GST decisions taken by the GST Council :
1. Threshold for #Composition scheme changed to 1 CR
2. GST #Returns to be filed once in quarter not monthly basis for turnover up to 1.50 CR.
3. On 60 items tax reduced to 5% from 12%.
4. Recommended AC #Restaurant Tax to be reduced from 18% to 12%
5. No need of #PAN for jewelry purchased up to 2 lacs.
6. GST on #Handcrafts may get changed from 18% to 12%
7. E-wallet gateway will be developed and introduced after six months
8. Reverse charge mechanism suspended till March 2018

Majority of these decisions are in favour of the SMEs

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Categories: Accounting, General, GST

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