Outcome of the 22nd GST Council Meeting held on 06th October, 2017

Outcome of the 22nd GST Council Meeting held on 06th October, 2017

October 9, 2017 GST 0

The GST Council has hold its 22nd  meeting in New Delhi on 6th October, 2017. In the meeting GST council has broadly taken the following decisions –

  1. The composition scheme shall be made available to taxpayers having annual aggregate turnover of up to Rs. 1 crore as compared to the current turnover threshold of Rs. 75 lacs. This threshold of turnover for special category States, except Jammu & Kashmir and Uttarakhand, shall be increased to Rs. 75 lacs from Rs. 50 lacs. The turnover threshold for Jammu & Kashmir and Uttarakhand shall be Rs. 1 crore.
  2. Persons who are otherwise eligible for availing the composition scheme and are providing any exempt service, shall be eligible for the composition scheme.
  3. A Group of Ministers (GoM) shall be constituted to examine measures to make the composition scheme more attractive.
  4. Service providers whose annual aggregate turnover is less than Rs. 20 lacs (Rs.10 lacs in special category states except J & K) from obtaining registration even if they are making inter-State taxable supplies of services.
  5. Small and medium businesses with annual aggregate turnover up to Rs. 1.5 crores, shall be required to file quarterly returns in FORM GSTR-1,2 & 3, starting from the Third Quarter of this Financial Year i.e. October-December, 2017. The registered buyers from such small taxpayers would be eligible to avail ITC on a monthly basis.
  6. The reverse charge mechanism shall be suspended till 31.03.2018
  7. Taxpayers having annual aggregate turnover up to Rs. 1.5 crores shall not be required to pay GST at the time of receipt of advances on account of supply of goods. The GST on such supplies shall be payable only when the supply of goods is made.
  8. Services provided by a GTA to an unregistered person shall be exempted from GST.
  9. Registration and operationalization of TDS/TCS provisions postponed till 31.03.2018.
  10. The e-way bill system shall be introduced in a staggered manner with effect from 01.01.2018 and shall be rolled out nationwide with effect from 01.04.2018.
  11. The last date for filing the return in FORM GSTR-4 by a taxpayer under composition scheme for the quarter July-September, 2017 shall be extended to15.11.2017.
  12. The last date for filing the return in FORM GSTR-6 by an input service distributor for the months of July, August and September, 2017 shall be extended to15.11.2017.
  13. Exporters GST refunds for July and August, 2017 to be processed from 10th October and 18th October respectively
  14. Holders of Advance Authorization (AA) / Export Promotion Capital Goods (EPCG) / 100% EOU schemes would not have to pay IGST, Cess etc. on imports. Also, domestic supplies to holders of AA / EPCG and EOUs would be treated as deemed exports and refund of tax paid on such supplies given to the supplier.
  15. Merchant exporters will now have to pay nominal GST of 0.1% for procuring goods from domestic suppliers for export
  16. The “e-Wallet” solution for exporters should be made operational w.e.f. 1st April 2018.
  17. Exporters have been exempted from furnishing Bond and Bank Guarantee when they clear goods for export
  18. Specified banks and Public Sector Units (PSUs) are being allowed to import Gold without payment of IGST.

Source: Central Board of Excise & Customs

Share this:

About the author



Would you like to share your thoughts?

Your email address will not be published. Required fields are marked *

Leave a Reply