GST Update On Latest Developments

The country is moving fast towards welcoming the most comprehensive indirect tax reform. The GST Council, the apex decision body for the new tax, is stuck to the scheduled rollout on July 1, 2017.
The Council approved the creation of an anti-profiteering authority that will exist for two years while clearing some other crucial elements of the proposed tax framework at its meeting in the capital on Sunday. It has also decided to defer the implementation of the e-way bill for some time due to a lack of consensus. Till that time, an alternate e-way bill will be introduced to allow the state with their current system.

The Council has revised GST rates for few goods and services. The hotels with room tariffs above Rs 7,500 will now face a 28% levy against Rs 5,000 earlier. For room tariffs between Rs 2,500 and Rs 7,500, the rate will be 18%. The Council further revised Supply of Food/drinks in air-conditioned restaurant in 5-star or above rated Hotel from 28% to 18%.
It has been further decided that supply of lottery shall attract GST rates. Lotteries run by State Governments shall attract GST at the rate 12% of face value of lottery ticket and Lottery authorized by State Governments shall attract GST at the rate 28% of face value of lottery ticket.
It has set a 5% integrated GST on shipping vessels.

The Council has also recommended that in case of Uttarakhand, the turnover limit for Composition Levy for CGST and SGST purposes will be Rs.75 lakh. For the State of Jammu & Kashmir the turnover limit for the Composition levy is yet to be decided.
Further, it is also recommended that manufacturers of Ice cream and other edible ice, whether or not containing cocoa(2105 00 00), Pan masala(2106 90 20) , Tobacco and manufactured tobacco substitutes( Chapter 24) shall not be eligible for the Composition Levy.
Relaxations for return filing by trade and industry have also been announced for the first two months. This will give the GST Suvidha Providers and assessees sufficient time to prepare their systems. Accordingly, for July, assessees will have to self declare and pay the GST through Form 3B by August 20 and for August by September 20. While they will have to upload invoice-wise data on the GST common portal, the deadline for July has now pushed back to September 5 and for August to September 20. No late fees or penalty would be levied.
It is pertinent to note that registration window will open from June 25 for new registrants as also those migrating from the existing tax system to GST.

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GST Update On Latest Developments

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