Tag: GST Council

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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GST Rate Recommendations from GST Council

The GST Council that had met on 9th Sept’17 has decided to change Or modify the GST rates on 40 goods that are for day to day use.
The rates of Wall nuts if reduced from 12% to 5% , Roasted Gram from 12% to 5%, Custard Powder from 28% to 18%, Batters, including idli/ dosa batter from 18% to 12%.
gst-new-rates-Sep09th-meeting

GST Cess increase for certain automobiles

Honorable Finance minister, Mr. Arun Jaitley, made a decision during the GST Council meeting held on 09th Sep @ Hyderabad, to increase the GST Cess for mid-to-large segment automobiles.

With this, the GST cess on mid-segment Cars (<1500cc)  will go up by 2%, large Cars by 5% and SUVs by 7%. The effective tax burden is expected to be less than the pre GST levels. Interestingly no changes made to GST Cess on hybrid vehicles falls in the expensive category.

gst-cess-rate-change-for-autos

 

GSTR Deadlines extended again!

Per latest reporting from GST Council’s 21st meeting held in Hyderabad, the GOI extended the deadline to file GSTR 1 for July to October 10. The earlier deadline was Sunday, September 10.

Despite of all the hard work from the GSTN and other related govt agencies, the deadline extension is a good move for the SME segment where they faced hurdles over last several wks in getting oriented towards GST and the troubles, in addition, technical glitches with the new GST Portal challenged tax professionals patience.

Let’s wish to have a better system in coming month.

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