{"id":207,"date":"2017-10-07T10:29:59","date_gmt":"2017-10-07T04:59:59","guid":{"rendered":"https:\/\/ezzus.com\/blog\/?p=207"},"modified":"2017-10-07T10:29:59","modified_gmt":"2017-10-07T04:59:59","slug":"%e2%80%8bkey-take-away-from-22nd-meeting-of-gst-council","status":"publish","type":"post","link":"https:\/\/www.ezzus.com\/blog\/%e2%80%8bkey-take-away-from-22nd-meeting-of-gst-council\/","title":{"rendered":"\u200bKey-take away from 22nd Meeting of GST Council"},"content":{"rendered":"

\u200bKey-take away from 22nd Meeting of GST Council:<\/b>
\n1.\t<\/span>In order to ease the compliance burden of SME Sectors, following amendments has been recommended:<\/p>\n

a.\t<\/span>Composition Scheme will be available up to the turnover of Rs. 1 Crore. Tax Rate for Composition Scheme will remain same at present level.<\/p>\n

b.\t<\/span>Person with a turnover up to 1.5 Crore will be required to furnish the quarterly return instead of monthly return. Tax will also be required to be paid on Quarterly basis. Switchover will take place from 1st October.<\/p>\n

c.\t<\/span>Returns from July to September\u2019 2017 will still be required to be filed on monthly basis.<\/p>\n

d.\t<\/span>Big Tax Payers filing monthly basis who are purchasing goods from small tax payers will require to avail credit through their GSTR 2 by filing manual feeding.<\/p>\n

2.\t<\/span>E-way bill will be tried to notify upto 1st April, 2018 nation wide.<\/p>\n

3.\t<\/span>Applicability of Reverse Charge on Inward Supply from unregistered person is deferred will 31st March 2018.<\/p>\n

4.\t<\/span>TDS & TCS Provisions will be effective from 1st April 2018.<\/p>\n

5.\t<\/span>Service Provider with a turnover of upto 20 Lakh will be exempted with applicability of GST on their Inter-State supply.<\/p>\n

6.\t<\/span>Refund to exporters will be granted with effect from 10th October for the month of July and with effect from 18th October for the month of August.<\/p>\n

7.\t<\/span>Future exports can be made by the merchant exporter at nominal rate of 0.1% IGST up to 31st March. Preferably by 1st April, 2018, E-wallets system will be developed for exporters.<\/p>\n

8.\t<\/span>Issues with respect to allowing composition taxpayers to make inter-state outward supply, to pay composition tax only on taxable items will be studied by group of ministers (GOM) on urgent basis.<\/p>\n

9. Now suppliers having upto  20 lacs interstate supplies shall not be require to have mandatory registration . <\/p>\n

10. Tax Rates of around 27 items has been revisited by fit-ment committee. Changes rates for some items are as follows:<\/p>\n

a.\t<\/span>From 12 to 5: Unbranded namkeen, Unbranded ayurvedic medicines, Paper Waste, <\/p>\n

b.\t<\/span>From 18 to 5: Plastic Waste, Rubber Waste, <\/p>\n

c.\t<\/span>From 28 to 18: Parts of Diesel Engine, Stationary items, Stones used for flouring except marble and stone<\/p>\n

d.\t<\/span>From 18 to 12: Man-made Yarn<\/p>\n

e.\t<\/span>Many Items of Job Work for example printing items are reduced to 5% from 12%.<\/p>\n

f.\t<\/span>Rates for government construction contracts in several case where labour component is more such as irrigation projects are reduced to 5% from 12%.<\/p>\n","protected":false},"excerpt":{"rendered":"

\u200bKey-take away from 22nd Meeting of GST Council: 1. In order to ease the compliance burden of SME Sectors, following amendments has been recommended: a. Composition Scheme will be available up to the turnover of Rs. 1 Crore. Tax Rate for Composition Scheme will remain same at present level. b. Person with a turnover up […]<\/p>\n","protected":false},"author":1,"featured_media":162,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[93,94],"class_list":["post-207","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-taxation","tag-key-updates-on-gst","tag-key-updates-on-gst-in-october-2017"],"_links":{"self":[{"href":"https:\/\/www.ezzus.com\/blog\/wp-json\/wp\/v2\/posts\/207","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ezzus.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ezzus.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ezzus.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ezzus.com\/blog\/wp-json\/wp\/v2\/comments?post=207"}],"version-history":[{"count":1,"href":"https:\/\/www.ezzus.com\/blog\/wp-json\/wp\/v2\/posts\/207\/revisions"}],"predecessor-version":[{"id":208,"href":"https:\/\/www.ezzus.com\/blog\/wp-json\/wp\/v2\/posts\/207\/revisions\/208"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ezzus.com\/blog\/wp-json\/wp\/v2\/media\/162"}],"wp:attachment":[{"href":"https:\/\/www.ezzus.com\/blog\/wp-json\/wp\/v2\/media?parent=207"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ezzus.com\/blog\/wp-json\/wp\/v2\/categories?post=207"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ezzus.com\/blog\/wp-json\/wp\/v2\/tags?post=207"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}