All updates on GST Council Meeting held on 6th October 2017:

Posted On: 06-10-2017 :

The following decisions were taken by the GST Council at its 22nd meeting held in Vigyan Bhavan on 6th October, 2017 :

• Major relief to small traders Compliance burden of medium and small taxpayers in GST being cut; eligibility of composition scheme raised to Rs 1 crore.
• Those who have turnover up to Rs 1.5 crore will file quarterly returns, not monthly returns.
• Refund cheques for July exports will be processed by Oct 10 and refund cheques for August exports will be processed by Oct 18.
• E-wallet for each exporter to be made and notional amount as advance refund will be given. It will be initiated on 1 April 2018.
• The council will try to implement the e-way bill by April 1, 2018.
• Traders will pay 1%, manufacturers 2% and restaurants 5% under the composition scheme.
• Inter-state supply of services exempted up to 20 lacs
• Reverse charge mechanism under sub section (4) of section 9 of CGST ACT, 2017 and under sub-section (4) of section 5 if IGST Act shall be suspended till 31.03.2018 and will be reviewed by committee of experts.
• GST rate on 27 items reduced.
• Meanwhile, the FM said that the GST Council has decided to revise tax of many items including sliced mango (12 to 5%), khakra chapati (12 to 5%), ICDS food packages (5 from 18%), unbranded namkeen (5%), unbranded ayurvedi medicine (12 to 5%), plastice waster (18 to 5%), rubber waste (18 to 5%), paper waste (5 from 12%), man made yard (12%) etc.
• Restaurant Tax reduced to 12% from 18%
• In total, rates have been revised for 27 items. Service providers with revenue below Rs 20 lakh have been exempted from IGST as well.

Downloads:

• Decisions taken by the GST Council in the 22 ndmeeting held on 6 th October 2017
• Press Release on 6th October 2017
• Changes in the GST Rates for certain Goods
• Major relief package for exporters