Outcome of the 20th GST Council Meeting held on 05.08.2017
GST Council has hold its 20th meeting in New Delhi on 5th August 2017. In the meeting GST council has broadly taken the following decisions –
- Job work services in respect of the textiles and textile products will be reduced from 18% to 5 %.
- Rent-a-cab service and Goods Transport Agency Service (GTA) has been allowed an option of 12% GST with full ITC under Forward Charge or 5% GST with no ITC under Reverse Charge.
- Margin/commission payable to Fair Price Shop Dealers by Central/ State Government is now covered under nil rated service
- Legal services (including representational services) provided by an individual advocate or a senior advocate or a firm of advocates (including LLP) provided to a business entity in taxable territory are covered under reverse charge mechanism.
- Goods required by FIFA and Services provided by and to FIFA and its subsidiaries in connection with FIFA U- 17 World Cup to be hosted in India in 2017 shall be exempted from GST
- New crop insurance schemes Pradhan Mantri Fasal Bima Yojana (PMFBY) introduced from Kharif 2016- 17 in place of National Agricultural Insurance Scheme (NAIS) and Modified National Agricultural Insurance Scheme (MNAIS), and Restructured Weather Based Crop Insurance Scheme (RWCIS)introduced in place of Weather Based Crop Insurance Schemes , shall be extended exemption from GST