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GST COUNCIL GIVES MAJOR RELIEF TO BUSINESS ENTITIES

Goods and Services Tax - GST - By: - Mr. M. GOVINDARAJAN - Dated:- 14-11-2017 - 23RD Council Meeting The GST Council held its 23rd Council meeting on 10.11.2017 at Guwahati. The decisions taken in that council meeting and the recommendations of the GST Council come in light. We can feel the major relief among business entities on the recommendations of the GST Council which are expected to come into force with effect from 15.11.2017 by which the Government will issue necessary notifications in t .....

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T Council has recommended in reduction of GST rate from18% to 12% for nearly 13 items including condensed milk, pasta, printing ink, spectacles frame, furniture wholly made of bamboo or cane etc., The GST Council has recommended in reduction of GST rate from 18% to 5% for nearly 6 type of goods including puffed rice chikki, chutney power, fly ash etc., The GST Council has recommended in reduction of GST rate from 12% to 5% to nearly 8 types of goods including desiccated coconut, idli, dosa batte .....

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NIL. Exemption The GST Council has recommended for exemption from IGST/GST in certain specified cases as detailed below- Exemption from IGST- On imports of lifesaving medicine supplied free of cost by overseas supplier for patients, subject to certification by DGHS of Centre or State and certain other conditions; On imports of goods (other than motor vehicles) under a lease agreement if IGST is paid on these lease amount; To extend IGST exemption presently applicable to skimmed milk power or con .....

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as temporary import of professional equipment by accredited press persons visiting India to cover certain events, broadcasting equipments, sports items, testing equipment under ATA carnet system.These goods are to be re-exported after the specified use is over. Clarification of issues To clarify that inter-state movement of goods like rigs, tools, spares and goods on wheel like cranes, not being in course of furtherance of supply of such goods does not constitute supply; The GST on supply of raw .....

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dit; Restaurants in hotel premises having room tariff of ₹ 7500 and above per unit per day will attract GST of 18% with full input tax credit.This is applicable to single room also. Outdoor catering will continue to be at 18% with full input tax credit; GST on services by way of admission to protected monuments is exempted; GST on job work services in relation to manufacture of those handicraft goods in respect of which casual taxable person has been exempted from obtaining registration, t .....

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vailable; It is proposed that irrespective of whether permanent transfer of intellectual property is a supply of goods or service- permanent transfer of intellectual property other than information technology software attracts GST @ 12%; and permanent transfer of intellectual property in respect of information technology software attracts GST @ 18%. Composition Scheme The GST Council has recommended the following in respect of the composition scheme- Uniform rate of tax @ 1% for manufacturing an .....

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be effected only after the amendment of CGST and SGST Acts) Returns The GST Council recommended the following in respect of filing of returns- All taxpayers would file return in Form GSTR 3B along with payment of tax by 20th of the succeeding month till March 2018; For filing of GSTR - 1, the taxpayers are divided into two categories - having annual turnover up to ₹ 1.5 crores and having annual turnover more than ₹ 1.5 crores; The GSTR -1 is to be filed on quarterly basis for the tax .....

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