Goods & Services Tax (GST) in IndiaGST COUNCIL MEETING ON 6TH OCTOBER 2017

October 7, 20170

                   GST COUNCIL MEETING ON 6TH OCTOBER 2017

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1. Composition Scheme – The turnover limit has been raised from Rs 75 lakhs to Rs 1 crore. It shall be Rs 75 lakhs for special category States.

2. E-Way Bill – The implementation of E-way bill will roll out nationwide by April 2018.However, it shall be introduced in phased manner from January 2018.

3. Quarterly Returns & Payment – The tax payers with annual turnover upto Rs 1.5 crore have to file quarterly return. The tax has to be also paid on quarterly  basis. This wil be effective from October-December 2017.

4. Tax Rate Revision – Almost 60 items to attract lower tax rates. 

5. Advance Payment- Tax payers  with turnover of Rs 1.5 crore if receives advance will not be required to pay unless they make supply.

6. Inter State Job Work – An exemption provisioned from registration  for job workers with an aggregate turnover of  Rs 20 lakhs.

7.TDS/TCS – Registration and Operationalization  of TDS/TCS to be deferred till 31.03.2018.

8. Reverse Charge Mechanism
 – Reverse charge payment under sub-section (4) of Section 9 of CGST Act,2017 and sub-section (4) of Section 5 of IGST Act,2017 has been suspended upto 31.03.2018.

9. GTA Services – GTA Services to unregistered person will be exempt from GST.

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