GST Council, Summary of Press Release Dated 06-10-2017

Summary of Press Release Dated 06-10-2017

Goods & Services Tax & GST Council is a constitutional body for making recommendations to the Union and State Government on issues related to Goods and Service Tax. … As per Article 279A (1) of the amended Constitution, the GST Council has to be constituted by the President within 60 days of the commencement of Article 279A.

Composition Dealer– Threshold Limit Increased to Rs. 1Cr from Rs. 75 Lac, and in notified state to Rs. 75Lac from Rs. 50Lac.
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.
Unregistered Service Provider having turnover upto Rs.20 Lac can now provide interstate taxable supplies of services.
Person (Non Composition Assessee) 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.
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.
Tax on Advance Received- Taxpayers having Turnover up to Rs. 1.5cr not required to pay tax on advance received for supply of Goods.
GTA Service-services provided by a GTA to an unregistered person shall be exempted from GST.
Registration under TDS/TCS and its operation is postponed till 31.03.2018.
E-way bill system shall be now operational from 01.04.2018.
Last date for filing the return in FORM GSTR-4 by Composition Dealer for the quarter July-September, 2017 extended to 15.11.2017.
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.
Invoice Rules are being modified to provide relief to certain classes of registered persons.
In a relief to exporters, it was announced that refunds for the month of July and August will be refunded through cheques from October 10 and October 18 respectively.
An e-wallet will be created for each exporter by April 1, 2018 to ease the process of refunding their returns.
27 items including unbranded namkeen, unbranded ayurvedic medicines, hand made yarn, ICDS food packages, khakra chapati, waste obtained from rubber, plastic and paper have been brought under the 5 per cent slab.
Any person buying jewellery worth above Rs 50,000 will not have to furnish PAN card and Aadhaar Card details.
Entities dealing in gems, jewellery and other high value goods and has an annual turnover of over Rs 2 crore will no longer be under the purview of the money laundering act.
The GST Council has decided to exempt those covered by the advance authorization scheme, EPCG or 100% EOU from paying taxes on inputs till March 2018. Further, Merchant exporters will pay 0.1% GST for purchases from domestic players.