07/10/2017
*Press Release Dated 06-10-2017 regarding 22nd GST Council Meeting Key Points*
1. *Composition Dealer*- Threshold Limit Increased to 1Cr from 75 Lac, and in notified state to 75Lac from 50Lac
2. *Composition Dealer Can Now Provide Exempt Services*- It has been decided that such persons who are otherwise eligible for availing the composition scheme and are providing any exempt service, shall be eligible for the composition scheme.
3. *Unregistered Service Provider having turnover upto 20 Lac* can now provide interstate taxable supplies of services
4. *Person having Turnover upto 1.5cr to file Quarterly Return and Pay Tax Quarterly*- starting from the Third Quarter of this Financial Year i.e. October-December, 2017.
5. Reverse charge mechanism under Section 9(4) of the CGST Act, 2017 and Section 5(4) of the IGST Act, 2017 shall be suspended till 31.03.2018.
6. *Tax on Advance Received*- Taxpayers having Turnover upto 1.5cr not required to pay tax on advance received for supply of Goods.
7. *GTA Service*-services provided by a GTA to an unregistered person shall be exempted from GST.
8. *Registration under TDS/TCS* and its operation is postponed till 31.03.2018.
9. *E-way bill system* shall be now operational from 01.04.2018
10. *Last date for filing the return in FORM GSTR-4 by Composition Dealer* for the quarter July-September, 2017 extended to 15.11.2017.
11. *Last date for filing the return in FORM GSTR-6 by Input Service Distributor* for the months of July, August and September, 2017 shall be extended to 15.11.2017.
12. *Invoice Rules* are being modified to provide relief to certain classes of registered persons.
Note : Please wait for notification
