07/10/2017
GST council 22nd Meeting
Press Release Dated 06-10-2017
Highlights
1. Turnover for
composition scheme raised from Rs. 75 Lakhs to Rs. 1 crores. 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. The facility of availing composition under the increased threshold shall be available to both migrated and new taxpayers up to 31.03.2018.Persons who are otherwise eligible for composition scheme who are otherwise eligible for availing the composition scheme and are providing any exempt service, shall be eligible for the composition scheme.
3. It has now been decided to exempt those 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.
4. Persons having Annual aggregate turnover up to Rs. 1.5 crores. shall be required to file quarterly returns in FORM GSTR-1,2 & 3 and pay taxes only on a quarterly basis, starting from the October-December, 2017. Meanwhile, all taxpayers will be required to file FORM GSTR-3B on a monthly basis till December, 2017.
5. The reverse charge mechanism under sub-section (4) of section 9 of the CGST Act, 2017 and under sub-section (4) of section 5 of the IGST Act, 2017 shall be suspended till 31.03.2018. Specific reverse charge u/s 9(3) shall continue.
6. 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.
7. The services provided by a GTA to an unregistered person shall be exempted from GST.
8. Registration and operationalization of TDS/TCS provisions shall be postponed till 31.03.2018.
9. The e-way bill system shall be introduced w.e.f.01.01.2018 and shall be rolled out nationwide with effect from 01.04.2018.
10. The last date for filing the return in FORM GSTR-4 & FORM GSTR-6 for the months of July, August and September, 2017 shall be extended to 15.11.2017.
11. Invoice Rules are being modified.
12. Rate of GST is reduced on 27 items significantly.
Source Press releases:
pib.nic.in/mobile/mbErel.aspx?relid=171466
http://pib.nic.in/mobile/mbErel.aspx?relid=171467
The GST Council, in its 22nd Meeting which was held today in the national capital under Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley has recommended the following facilitative changes to ease the burden of compliance on small and medium businesses:
