New Delhi: The GST Council committee has announced all the decisions taken in the 28th GST council meeting which are very significant issues of the GST.
are some of the important updates of decisions taken by the GST Council in the 28th GST Council Meeting.
- Recommendations made during the 28th GST Council Meet
- GST council recommends on opening of migration window for tax payers till 31st August ,2018
- GST council approves Simplified GST Return.
- List of Services on which GST Council has recommended rate reduction/Exemption
- List of Goods on which GST Council has recommended rate reduction
28th GST Council Meeting Updates
- GST Council Approves Quarterly Returns for Taxpayers having Turnover below 5 Crores . 93% of GST dealers will now be exempted from filing monthly returns.
- Threshold for composition dealers to be increased to Rs 1.5 crore from Rs 1 crore earlier. Also taxpayers who also provide services of up to 10 percent of their turnover can now avail the composition scheme.
- Reverse charge mechanism to be deferred for one year.
- GST Council approved Tax Exemption on Sanitary Napkins. The Council has cut down the tax rate on sanitary napkins to zero from 12 percent earlier
- GST rates of Paints, Washing, Machine, Refrigeraters, 25 inch TV & 15 other items reduced from 28 to 18 %.
- The rate on ethanol used for blending with petrol and diesel reduced to 5 percent from 18 percent.
- Taxpayers who are yet to register under GST as per law will be given on final extension till August 31 and any late penalty would be waived off.
- Exemption limit for traders in Assam, Arunachal Pradesh, Himachal Pradesh, Himalaya, Sikkim, increased from Rs- 10-lakh to 20-lakh.
- huge relief for hotels as GST rate of 28 percent would not apply if the actual tariff value is less than Rs 7,500 even though the published tariff may be more than that.
- GST on E-books reduced to 5 percent from 18 percent.
- No decision has been taken on Sugar cess.
- Big incentives for textile industry. Input credit allowed for fabric.
- Footwear priced below Rs 1,000 will attract 5% GST
- Mandatory registration is required for only those e-commerce operators who are required to collect tax at source.
The GST Council will next meeting will held on August 4 in which mainly focus on the problems faced by small traders and businesses and entrepreneurship.