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MAJOR RECOMMENDATIONS MADE IN THE 21ST GST COUNCIL MEETING 9TH SEPTEMBER 2017

The following recommendations were made by the GST Council at its 21st meeting held in Hyderabad on 9th September, 2017.

GST Returns

  1. Revised schedule of filing GST return is as under:

 

Sl No

Details / Return

Tax Period

Revised due date

  1.  

GSTR-1

July, 2017

10-OCT-2017

For registered persons with aggregate turnover of more than Rs. 100 crores, the due date shall be 3rdOctober 2017

  1.  

GSTR-2

July, 2017

31-OCT-2017

  1.  

GSTR-3

July, 2017

10-NOV-2017

  1.  

GSTR-4

July-September, 2017

18-Oct-17 (no change)

Table-4 under GSTR-4 not to be filled for the quarter July-September 2017. Requirement of filing GSTR-4A for this quarter is dispensed with.

  1.  

GSTR-6

July, 2017

13-OCT-2017

 

Due dates for filing of the above mentioned returns for subsequent periods shall be notified at a later date.

  1. GSTR-3B will continue to be filed for the months of August to December, 2017.

Revival of composition scheme

The option to avail the benefits of composition scheme by a registered person (whether migrated or new registrant), who could not opt for composition scheme, shall be given till 30th September 2017 and such registered person shall be permitted to avail the benefit of composition scheme with effect from 1st October, 2017.

Exemption from compulsory registration in case of inter-state supply

  1. Artisans - Presently, any person making inter-state taxable supplies is not eligible for threshold exemption of Rs. 20 lacs (Rs. 10 lacs in special category states except J & K) and is liable for registration. It has now been decided to allow an exemption from registration to persons making inter-State taxable supplies of handicraft goods upto aggregate turnover of Rs. 20 lacs provided the person making such supply has a Permanent Account Number (PAN) and the goods move under the cover of an e-way bill, irrespective of the value of the consignment.

 

  1. Jobworkers - Presently, a job worker making inter-State taxable supply of job work service is not eligible for threshold exemption of Rs. 20 lacs (Rs. 10 lacs in special category states except J & K) and is liable for registration.  It has now been decided to exempt those job workers from obtaining registration who are making inter-State taxable supply of job work service to a registered person provided the goods move under the cover of an e-way bill, irrespective of the value of the consignment. This exemption will not be available to job work in relation to jewellery, goldsmiths’ and silversmiths’ wares as covered under Chapter 71 which do not require e-way bill.

 GST TRAN-1

  1. The due date for submission of FORM GST TRAN-1 has been extended by one month i.e. 31st October, 2017.
  1. FORM GST TRAN-1 can be revised once.

TDS and TCS

The registration for persons liable to deduct tax at source (TDS) and collect tax at source (TCS) will commence from 18th September 2017. However, the date from which TDS and TCS will be deducted or collected will be notified by the Council later.

Exports

The GST Council has decided to set up a committee consisting of officers from both the Centre and the States under the chairmanship of the Revenue Secretary to examine the issues related to exports

GST rate on goods

  1. GST rate on about 30 items like roasted gram, idli/dosa batter, oilcakes, raincoats, rubber bands reduced.
  2. Khadi sold through KVIC stores to be exempted from GST.
  3. Clay idols are exempted from the tax

Cess on cars

Small petrol, diesel and hybrid cars to see no cess hike; mid-segment cars to attract 2 percent additional cess, large size cars 5 percent and SUV 7 percent.

Brand and Trademark

  1. A brand registered as on 15.05.2017 shall be deemed to be a registered brand for the purposes of levy of 5% GST, irrespective of whether or not such brand is subsequently deregistered.
  2. A brand registered as on 15.05.2017 under the Copyright Act, 1957 shall also be treated as a registered brand for the purposes of levy of 5% GST.
  3. A brand registered as on 15.05.2017 under any law for the time being in force in any other country shall also be deemed to be a registered brand for the purposes of levy of 5% GST.
  4. A mark or name in respect of which actionable claim is available shall be deemed to be a registered brand name for the purposes of levy of 5% GST.

Technical issues in GSTN

A committee of ministers has been formed to look into technical issues facing the GST-Network, the IT backbone and portal for registration and tax returns under the GST regime.

Disclaimer - The information provided in this document is for general information only. It is based on the information available publicly. The user of this document should be aware that the interpretation or implications of relevant GST rules may change/vary depending upon circumstances.

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