25th GST Council Meeting

25th GST Council Meeting Conclusion :All About the important changes to know

New Delhi:- The 25th GST council meeting held at VIGYAN BHAWAN, New Delhi on today 18th January majorly focused on the e-way bill introduction and has finally decided to roll out the bill from 1st February 2018 along with a reduction in the number of return filings.

Finance Minister India Arun Jaitley says “necessary to build some anti-evasion measures” He considered GST e-way bill one of them

There are some key points mention below which also discussed in the meeting:-

  1. GSTR 3B return filing to be continued until further announcement.
  2. Petrol under GST will be decided at the next GST Council meeting.
  3. 40 handicrafts tax slab will be decided in the coming few days by the council.
  4. The tax rate reduction on all the items and services will be applicable from 25th January 2018.
  5. Composition dealers deposited lesser tax than expected as stated by Finance minister.
  6. Arun Jaitley mentioned that 15 states to apply intrastate GST e-way bill on the same date i.e. on 1st February 2018.
  7. The states can opt to follow the e-way bill system for intra-state (Within the state) transport anytime between 1st Feb to 1st June 2018.
  8. From 1st June 2018 e-way bill rules for intra-state transport will mandatory apply to all states.
  9. Items re-considered under 18% slab rate from 28% tax rate.
  10. Next meeting through video conferencing in 10 days.
  11. The GST Council also discussed how buyers should upload purchases invoices, and the sellers should upload sale invoices. But no decisions on return filing simplifications today.
  12. Uttarakhand FM cleared that 29 handicrafts items reduced to 0% GST.
  13. Nandan Nilekani presents suggestions on GST return filings.
  14. In 25th GST Council Meeting holds 35,000 crores for distribution among centre and states as an IGST collection dividend (Source: CNBC).
  15. All businesses to file GSTR-1 and GSTR-3B until March 2018.
  16. GSTR-2 and GSTR-3 filing dates for July 2017 to March 2018 will be worked out later by a Committee of Officers
  17. Turnover under Rs 1.5 Cr to file quarterly GSTR-1.
  18. Turnover above Rs 1.5 Cr to file monthly GSTR-1.
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