Some Important decisions by GST council
1. Turnover limit for composition scheme extended to Rs. 1 crore from 75 lacs in all states and Rs. 75 lacs for special category states except uttarakhand and Jammu & Kashmir. Can be availed anytime before 31.03.2018.
2. Exemption from regisration for services up to Rs. 20 lacs (Rs. 10 lacs in special category states except J&K).
3. Quarterly filing of returns and quarterly payment of tax for taxpayers having turnover up to Rs. 1.5 Cr from October 2017.
4. Suspension of reverse charge mechanism under section 9(4) of CGST Act and 5(4) of the IGST till 31st March 2018
5. Taxpayers with aggregate turnover up to Rs. 1.5 Cr will note be required to pay GST on receipt of advances on account of supply of goods.
6. Service provided by GTA to an unregistered person shall be exempted from GST.
7. Registration and operationalization of TDS/TCS provisions has been postponed till 31st March 2018.
8. E-way bill to start from 1st January 2018 in staggered manner and nationwide E-way bill to be operationalized from 1st april 2018.
9. Refund of IGST paid on export for the month of July from 10.10.2017, refund of IGST paid on exports for the month of August from 18.10.2017, dates for refund of accumulated credit and SEZ related refunds will be announced soon.
10. Immediate interim relief provided to exporters previously availing advance authorization/ Export promotion capital goods/ 100% EOU schemes on imports and giving deemed export status to domestic procure.
11. Merchant Exporters to pay nominal 0.1% GST for procuring goods from domestic suppliers for export.
12. An E-Wallet scheme for exporters to be launched by 1st aprol 2018 to facilitate exporters and minimise working capital blockage.
13. Rate for synthetic yarn; artificial yarn; spun yarn of manmade fibre reduced from 18% to 12%.
14. Rate for parts suitable for use solelu or pricipally with in fixed speed diesel engines of power not exceeding 15HP reduced from 28% to 18%.
15. Rates for parts suitable for use solely or principally with power driven pumps primarily designed for handling water, namely, centrifugal pumps, deep tube well turbine pumps, submersible pumps reduced from 28% to 18%.
16. IGST exemption on imports of bonafide gifts up to CIF value of Rs. 5000.
17. Job work rates rationalized on several services.
18 ITC of input wservices allowed in the same line of business for rent a cab ervices.
19 GST rates for leasing services for vehicles leased prior to 1.7.2017 rationalized.
20. Definition of governmental authority expanded to include authorities set up to carry out functions entrusted to Panchayat under article 243G of the constitution.