Outcome of the 20th GST Council Meeting held on 05.08.2017

Outcome of the 20th GST Council Meeting held on 05.08.2017

August 16, 2017 Fiscal 0

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

Source: Central Board of Excise & Customs

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