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GST Amendments - 23rd GST Council Meeting

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GST Amendments - 23rd GST Council Meeting
CS SANJAY MALHOTRA By: CS SANJAY MALHOTRA
November 13, 2017
All Articles by: CS SANJAY MALHOTRA       View Profile
  • Contents

Mentioned below are the recent amendments in GST in view of recommendations made at 23rd GST Council meeting. Notifications will be issued on Nov 14 and same shall be effective from Nov 15.

Major Gist of Changes

  • GSTR-3B will continue to be filed on Monthly basis alongwith Tax Payment by 20th of following Month  till March 2018
  • GSTR-2 & 3 from July'17 - Mar'18 is on hold for time being and modalities on its implementation shall be worked out by Committee. 
  • Late fees has been waived for period from July'17-Sep'17 for delay in submission of GSTR-3B and any amount paid shall be credited to E-Cash Ledger to be utilised in future.
  • GSTR-1 shall be matched with GSTR-3B till Mar'18 till GSTR-2 & GSTR-3 is put in place.
  • Late Fees of ₹ 20/- per day shall be applicable for delay in submission of GSTR-3B returns for period Oct'17 onwards.
Extension in Return Submission dates- GSTR-1

  [For Persons having Turnover > ₹ 1.50 Cr]

PERIOD

DATE

JUL-OCT'17

31ST DEC 2017

NOV'17

10th JAN 2018

DEC'17

10th FEB 2018

JAN'18

10th MAR 2018

FEB'18

10th APR-2018

MAR'18

10th MAY- 2018

 [For Persons having Turnover < ₹ 1.50 Cr]                      

PERIOD

DATE

JUL-SEP'17

31st DEC 2017

OCT-DEC'17

15th FEB 2018

JAN-MAR'18

30thApril 2018

 
Extension in Return Submission dates- Other Returns
 

Return

Revised Due Date

ITC-04 (July-Sep'17) - Job Work Return 31.12.2017
GSTR-4 (Composition Scheme) 24.12.2017
GSTR-5 11.12.2017
GSTR-5A 15.12.2017
GSTR-6 (ISD Return) 31.12.2017
TRANS-1 31.12.2017
Major Gist of Changes in GST Rates
  • Uniform GST Rate of 1% under Composition Scheme for Manufacturers / Traders. 
  • Services upto value of ₹ 5 lacs p.a. by Composition Tax Payer brought under Exemption.
  • GST on Restaurants AC/Non-AC @ 5% without ITC and same rate on Food Parcels / Takeaways. [Restaurant in Hotel and if Declared Tariff in Hotel  > ₹ 7500/- per day, then GST is 18% with ITC on Restaurant Services]
  • Important Industrial Items on which Tax rates are reduced are as follows: [Effective from Nov 15, 2017 subject to Notification to be issued]
 [From 28% to 18%]
 
 [From 28% to 12%]  [From 18% to 12%] [From 18% to 5%]  [From 5% to 0%]  [From 12% to 5%]
Wire, cables, insulated conductors, electrical insulators, electrical plugs, switches, sockets, fuses, relays,
electrical connectors
Wet grinders consisting of stone as grinder Condensed milk Puffed rice chikki, peanut chikki, sesame chikki, revdi, tilrevdi, khaza, kazuali, groundnut sweets gatta,
kuliya
Guar meal Desiccated coconut
Electrical boards, panels, consoles, cabinets etc for electric control or distribution Tanks and other armoured fighting vehicles Refined sugar and sugar cubes Flour of potatoes put up in unit container bearing a brand name Hop cone (other than grounded, powdered or in pellet form) Narrow woven fabric including cotton newar [with no refund of unutilised input tax credit]
Furniture, mattress, bedding and similar furnishing   Pasta Chutney powder Certain dried vegetables such as sweet potatoes, maniac Idli, dosa batter
Articles of plastic, floor covering, baths, shower, sinks, washbasins, seats, sanitary ware of plastic   Curry paste, mayonnaise and salad dressings, mixed condiments and mixed seasoning Fly ash Unworked coconut shell Finished leather, chamois and composition leather
Particle/fibre boards and ply wood. Article of wood, wooden frame, paving block   Diabetic food Sulphur recovered in refining of crude Fish frozen or dried (not put up in unit container bearing a brand name) Coir cordage and ropes, jute twine, coir products
Trunk, suitcase, vanity cases, brief cases, travelling bags and other hand bags, cases   Medicinal grade oxygen Fly ash aggregate with 90% or more fly ash content Khandsari sugar Fishing net and fishing hooks
Detergents, washing and cleaning preparations   Printing ink     Worn clothing
Liquid or cream for washing the skin   Hand bags and shopping bags of jute and cotton     Fly ash brick
Shampoos; Hair cream, Hair dyes (natural, herbal or synthetic) and similar other goods; henna powder or
paste, not mixed with any other ingredient;
  Hats (knitted or crocheted)  
 
 
Pre-shave, shaving or after-shave preparations, personal deodorants, bath preparations, perfumery,
cosmetic or toilet preparations, room deodorisers
  Parts of specified agricultural, horticultural, forestry, harvesting or threshing machinery      
Perfumes and toilet waters   Specified parts of sewing machine      
Beauty or make-up preparations   Spectacles frames      
Fans, pumps, compressors   Furniture wholly made of bamboo or cane      
Rubber tubes and miscellaneous articles of rubber          
Lamp and light fitting          
Primary cell and primary batteries          
Sanitary ware and parts thereof of all kind          
Articles of plastic, floor covering, baths, shower, sinks, washbasins, seats, sanitary ware of plastic          
Slabs of marbles and granite          
Goods of marble and granite such as tiles          
Ceramic tiles of all kinds          
Miscellaneous articles such as vacuum flasks, lighters,          
Wrist watches, clocks, watch movement, watch cases, straps, parts          
Article of apparel & clothing accessories of leather, guts, furskin, artificial fur and other articles such as
saddlery and harness for any animal
         
Articles of cutlery, stoves, cookers and similar non electric domestic appliances          
Razor and razor blades          
Multi-functional printers, cartridges          
Office or desk equipment          
Door, windows and frames of aluminium          
Articles of plaster such as board, sheet,          
Articles of cement or concrete or stone and artificial stone,          
Articles of asphalt or slate, MICA          
Ceramic flooring blocks, pipes, conduit, pipe fitting          
Wall paper and wall covering          
Glass of all kinds and articles thereof such as mirror, safety glass, sheets, glassware          
Electrical, electronic weighing machinery          
Fire extinguishers and fire extinguishing charge          
Fork lifts, lifting and handling equipment,          
Bull dozers, excavators, loaders, road rollers,          
Earth moving and levelling machinery,          
Escalators,          
Cooling towers, pressure vessels, reactors          
Crankshaft for sewing machine, tailor’s dummies, bearing housings, gears and gearing; ball or roller
screws; gaskets
         
Electrical apparatus for radio and television broadcasting          
Sound recording or reproducing apparatus          
Signalling, safety or traffic control equipment for transports          
Physical exercise equipment, festival and carnival equipment, swings, shooting galleries, roundabouts,
gymnastic and athletic equipment
         
All musical instruments and their parts          
Artificial flowers, foliage and artificial fruits          
Explosive, anti-knocking preparation, fireworks          
Cocoa butter, fat, oil powder,          
Extract, essence ad concentrates of coffee, miscellaneous food preparations          
Chocolates, Chewing gum / bubble gum          
Malt extract and food preparations of flour, groats, meal, starch or malt extract          
Waffles and wafers coated with chocolate or containing chocolate          
Rubber tubes and miscellaneous articles of rubber          
Goggles, binoculars, telescope,          
Cinematographic cameras and projectors, image projector          
Microscope, specified laboratory equipment, specified scientific equipment such as for meteorology,
hydrology, oceanography, geology
         
Solvent, thinners, hydraulic fluids, anti-freezing preparation          

GST Council has done great job this time thus reducing the Tax Rates on day to day items and majority of Industrial goods, which would eventually bring relief to Industry / Customers, as less funds will blocked and Cost of products to come down.

Wait for the Notification to be issued under CGST / SGST / IGST by November 15 for implementation of above.

 

By: CS SANJAY MALHOTRA - November 13, 2017

 

Discussions to this article

 

Sir,

Very useful article for all.

CS SANJAY MALHOTRA By: KASTURI SETHI
Dated: November 13, 2017

 

 

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