Brief Update on GST

GST updates as per 22nd meeting in Delhi on 06th October 2017

??Exporters to get IGST relief for 6 months

??SMEs with annual turnover of Rs 1.5 crore will be allowed to file quarterly returns- effective from 01st October 2018

For July, August, Sep , the monthly filing will be there.

??E-wallet gateway will be developed and introduced after six months i.e. 1st April 2018. For July Gst refund cheques starting from October 10 & For August Gst refunds, from October 18.

Govt to deposit ad hoc amount for facilitation of refunds.

??In-principle decision to bring down the rate for AC restaurants to 12 percent

??PAN card will not be needed for jewellery purchases above Rs 50,000. PMLA notification on jewellers to be withdrawn. Will be brought later on.

??Turnover for composition scheme raised from ?75 Lakhs to? 1 crores.

??E-way bill provisions deferred till April 2018.

??Reverse charge on transactions between Registered and Non registered dealers to be abolished till 31.03.2018.

?? Inter state supply of services to be within threshold of Rs.20 lacs being exempted limit

?? To review 18% tax on AC restaurants in next meeting

?? Gst rates on many items revised

Rubber waste, plastic waste, paper waste Gst rates from 12% to 5%

Dried mango from 12 to 5%

Man made yarn from 18 to 12%

Unbranded Ayurvedic medicines from 12 to 5%

Stationery from 28 to 18%

Khakra from 12 to 5%

??Job work on food items, printing items, Zari work at 5% rates

Govt contracts involving high labour like irrigation at 5%

??Diesel engine, pump parts from 28 to 18%

E waste from 28 to 5%

?? Petroleum still outside Gst purview