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Saturday, September 9, 2017

Changes Recommended BY GST Council

Following are key points of changes which emerged after 21st Meeting of GST council which took place in Hyderabad on 9th of this month.

1. Due date for submission of GST returns has been revised in view of difficulties faced by taxpayers. 
2. Relaxation has been given to business entities whose turnover is upto Rs.20 lac per year and who use to undertake inter state supply also.
3. Change in cess rate or imposition of cess on various types of luxury cars.

Following is copy of original press release made by GST council.

Recommendations made by the GST Council in the 21st meeting at Hyderabad on 9th September, 2017
The GST Council, in its 21st meeting held at Hyderabad on 9th September 2017, has recommended the following measures to facilitate taxpayers:
a)      In view of the difficulties being faced by taxpayers in filing returns, the following revised schedule has been approved:
Sl. No.
Details / Return
Tax Period
Revised due date
July, 2017
For registered persons with aggregate turnover of more than Rs. 100 crores, the due date shall be 3rdOctober 2017
July, 2017
July, 2017
July-September, 2017
18-Oct-17 (no change)
Table-4 under GSTR-4 not to be filled for the quarter July-September 2017. Requirement of filing GSTR-4A for this quarter is dispensed with.
July, 2017
Due dates for filing of the above mentioned returns for subsequent periods shall be notified at a later date.
b)      GSTR-3B will continue to be filed for the months of August to December, 2017.

c)      A registered person (whether migrated or new registrant), who could not opt for composition scheme, shall be given the option to avail composition till 30th September 2017 and such registered person shall be permitted to avail the benefit of composition scheme with effect from 1st October, 2017.

d)     Presently, any person making inter-state taxable supplies is not eligible for threshold exemption of Rs. 20 lacs (Rs. 10 lacs in special category states except J & K) and is liable for registration. It has been decided to allow an exemption from registration to persons making inter-State taxable supplies of handicraft goods upto aggregate turnover of Rs. 20 lacs as long as the person has a Permanent Account Number (PAN) and the goods move under the cover of an e-way bill, irrespective of the value of the consignment.

e)      Presently, a job worker making inter-State taxable supply of job work service is not eligible for threshold exemption of Rs. 20 lacs (Rs. 10 lacs in special category states except J & K) and is liable for registration.  It has been decided to exempt those job workers from obtaining registration who are making inter-State taxable supply of job work service to a registered person as long as the goods move under the cover of an e-way bill, irrespective of the value of the consignment. This exemption will not be available to job work in relation to jewellery, goldsmiths’ and silversmiths’ wares as covered under Chapter 71 which do not require e-way bill.

f)       FORM GST TRAN-1 can be revised once.

g)      The due date for submission of FORM GST TRAN-1 has been extended by one month i.e. 31st October, 2017.

h)      The registration for persons liable to deduct tax at source (TDS) and collect tax at source (TCS) will commence from 18th September 2017. However, the date from which TDS and TCS will be deducted or collected will be notified by the Council later.

2.         The GST Council has decided to set up a committee consisting of officers from both the Centre and the States under the chairmanship of the Revenue Secretary to examine the issues related to exports.

3.         The GST Council has also decided to constitute a Group of Ministers to monitor and resolve the IT challenges faced during GST implementation.

Following are key points collected from news item published in Livemint

The goods and services tax (GST) Council on Saturday raised the cess on mid-sized to large cars and SUVs in the range of 2-7 percentage points but kept the tax burden lower than pre-GST levels.

There is no change in the GST cess on small petrol and diesel cars, hybrid cars or on 13 seater vehicles. The cess on mid-segment cars will go up by 2 percentage points, large cars by 5 percentage points and SUVs by 7 percentage points. Even after the increase, the effective tax burden will be less than the pre-GST levels.

The council also expanded the ambit of the 5% GST on branded packaged food items to include those products which were earlier sold under a brand name but the producers chose to abandon their trade marks to escape the tax. As per Saturday’s decision, the 5% tax is applicable on food items sold in packages if they had a brand name as on 15 May or have a mark or name on which the producer is entitled to make an actionable claim, explained the minister.
The council also decided to exempt handicraft makers below Rs20 lakh sales and sell in other states from the need to take temporary registration. Khadi fabrics sold through Khadi and Village Industries Commission will be exempt from 5% GST.

GST rates slashed for over 40 items 
The council cut GST rate for Walnuts, broom, clay idols custard powder, idly-dosa batter, rubber bands, raincoat, dhoop batti, saree fall, corduroy fabric, computer monitors, table and kitchenware, prayer beads. Khadi sold at KVIC outlets and clay idols have been exempted from the levy of GST, which replaced 40 state and central taxes and cesses. 

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