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GST UPDATE ON THE DECISIONS TAKEN IN 23RD COUNCIL MEETING

GST UPDATE ON THE DECISIONS TAKEN IN 23RD COUNCIL MEETING
The government on 10th November,2017 has come up with some strong decisions that every person should know. These decisions shall have a far reaching impact for all the taxpayers. Some of the decisions are taken due to practical problems faced by the taxpayers.
Changes recommended in Composition Scheme
• Threshold limit under Composition Scheme is to be increased to Rs. 1.5 Crore (eligibility for composition scheme will be increased to Rs. 2 Crore under law only after the necessary amendment of the CGST Act and SGST Acts )
• 1% GST Rate for manufacturers and traders
• For traders, turnover will be counted only for supply of taxable goods (exempted goods to be excluded)
• Taxpayers supplying goods and services (services not exceeding Rs 5 lakhs per annum) eligible for compositions scheme.
• GSTR-4 due date for the quarter Jul-Sep extended to 24.12.2017
Other Clarifications
• GST on Services by way of admission to "protected monuments" will be exempted.
• The rate of GST on job work services in relation to manufacture of those handicraft goods in respect of which the casual taxable person has been exempted from obtaining registration, shall be reduced to 5% with full ITC.
• A facility for manual filing of application for advance ruling is being introduced for the time being.
• Exports of services to Nepal and Bhutan are already exempted. Now, it has been decided to allow the refund of Input Tax Credit in respect of goods or services used for such export of services to Nepal and Bhutan.
• Earlier, only those service providers were exempted from compulsory registration who were providing the inter-state supply if their turnover did not exceed Rs. 20 lakhs (Rs. 10 lakhs in case of special category states except J&K). Now, it has been decided to exempt such suppliers providing services through an e-commerce platform from obtaining compulsory registration provided their aggregate turnover does not exceed twenty lakh rupees. As a result, all service providers, whether supplying intra-State, inter-State or through ecommerce operator, will be exempt from obtaining GST registration, provided their aggregate turnover is below the threshold.

The content of this GST update is for educational purpose only and not intended for solicitation.
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