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Decisions of 22nd GST Council meeting - 6th Oct 2017

Goods and Services Tax - GST - By: - Ashwarya Agarwal - Dated:- 10-10-2017 Last Replied Date:- 28-10-2017 - GST Update (Decisions of 22nd GST Council meeting which is yet to be notified): 1. Benefit for Composition Scheme 1.1 Threshold turnover to opt for composition scheme is raised from 75 lacs to 1 crore; 1.2 Person opting for composition scheme was restricted from providing any exempted / taxable service. But now a composite dealer can provide exempted service also. Eg. A doctor running clin .....

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all file GSTR-1 , 2 & 3 returns on Quarterly basis and also make payment on Quarterly basis. This provision shall be effective from Oct-Dec 2017 quarter. However GSTR-3B will have to be filed on Monthly basis till December'17 by all assessees; 4. Liability for payment of tax in respect of un-registered expenses shall be deferred till 31st March 2018. This extent of applicability of this exemption shall be confirmed after it is notified; 5. Small units having aggregate t/o upto 1.5 crore .....

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th of July and 18th October 2017 for Month of August; 9.2 Refunds of IGST and Input tax for export to SEZ shall begin from 18th October 2017; 9.3 Merchant exporter (Trader) can now procure goods from domestic supplier on payment of GST @ 0.1%; 9.4 Exporters holding Adv. Authorization/EPCG and EOU's can now import / procure goods from domestic supplier without payment of GST; 9.5 Mechanism in 9.3 and 9.4 above is for temporary relief. As permanent relief, e-wallet to be introduced w.e.f 1st A .....

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e Authorization. 10. Sale/supply of vehicles by a registered person, who had procured the vehicle prior to 1st July 2017 and has not availed input tax credit of central excise duty, VAT or any other taxes paid on such vehicles, would be taxed at 65% of the applicable GST + Cess rate. This reduced rate would be applicable for a period of 3 years with effect from 1st July 2017; 11. Sale by way of auction etc. of used vehicles, seized and confiscated goods, scrap etc by Central Government, State Go .....

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