GST Council 22nd Meeting: 9 Big Decisions for Traders (Relief in textiles & jewelry)
GST Council 22nd Meeting: 9 Big Decisions for Traders (Relief in textiles & Jewelry). The government, which has been criticized for continuous criticism since the implementation of GST, made major decisions on Friday. After the day-long meeting of GST Council, Finance Minister Arun Jaitley announced a number of exemptions in GST. With 9 exemptions from registration in turnover upto Rs 20 lakh, 9 major decisions were made for traders. Things have been cheaper in 27 categories including Khakhra and Chapati for the common man. With this, Rs 2 lakh Pan will not necessarily be required to buy jewelery. Earlier this limit would be Rs 50 thousand. Had to James-Jewelery was out of the law of money laundering. Composition scheme limit increased from 75 lakh to 1 crore …
GST Council 22nd Meeting: 9 Big Decisions
- The biggest relief was found by small businessmen. For them, the composition scheme limit increased from Rs 75 lakh to Rs 1 crore. Has been. 1.5 crore annually You will be able to file quarterly returns with turnover.
- Reverse charge system has been postponed till 31 March 2018. E-Way Bill, TDS and TCS have also been postponed till March 31. On the other hand, big businessmen also demanded such relief. They say that GST is affecting business.
- Government claims – 90% turnover for people with turnover of upto Rs 1.5 crore turnover facility Returns to turnover upto Rs 1.5 crore will have to be filled in 3 months Return, the first one month rule.
Key Proposals by GST Council in its 22nd Meeting held on 06 OCT 2017:
- 1. GST Rates reduced significantly on 27 Goods & 12 Services.
- 2. Turnover for composition scheme raised from ₹75 Lac to ₹ 1 Crores except the special category States but the turnover threshold for the states of J & K and Uttarakhand shall be ₹ 1 crore.
- 3. The facility of availing composition under the increased threshold shall be available to both migrated and new taxpayers up to 31.03.2018. The Persons who are otherwise eligible for composition scheme and are providing any exempt service, shall be eligible for the composition scheme.
- 4. Service providers whose annual aggregate turnover is less than ₹ 20 Lac (₹ 10 Lac in special category states except J & K) from obtaining registration even if they are making inter-State taxable supplies of services.
- 5. Quarterly Returns* in Form GSTR-1, 2 & 3 for Persons having Annual aggregate turnover up to ₹ 1.5 crores with quarterly payment of taxes* starting from the quarter Oct-Dec, 2017. All taxpayers will be required to file monthly GSTR-3B till DEC 2017.
- 6. The reverse charge mechanism U/s 9 (4) of the CGST Act, 2017 & U/s 5 (4) of the IGST Act, 2017 suspended till 31.03.2018. Specific reverse charge u/s 9(3) shall continue.
- 7. Taxpayers having annual aggregate turnover up to ₹ 1.5 crores shall be required to pay GST only when the supply of goods is made and not at the time of receipt of advances on account of supply of goods.
- 8. The services provided by a GTA to an unregistered person exempted from GST.
- 9. Registration and operationalization of TDS/TCS provisions shall be postponed till 31.03.2018.
- 10. The e-way bill system shall be introduced w.e.f. 01.01.2018 and shall be rolled out nationwide w.e.f.01.04.2018.
- 11. The last date for filing the return in GSTR-4 & GSTR-6 for JUL, AUG & SEP, 2017 shall be extended to 15 NOV 2017.
- 12. Invoice Rules are being modified.
9 big decisions for traders
1) Turnover Rs 1 crore: Limit of composition increased: The company could have opted for a composition scheme of Rs 75 lakh annually. This limit is Rs 1 crore done. Apart from composition, there was a rule of monthly returns for all registered businessmen. Now Rs 1.5 crore Even those who have turnover will be able to file quarterly returns.
2) Twenty million turnover: all exempt from registration
So far, in other states, registration for goods suppliers was necessary. Even if its annual turnover is less than 20 lakh Now all the traders with turnover up to Rs 20 lakh will be exempt from registration.
3) Export: E-wallet of every exporter will be made: Exports had a complaint that their refund of 65,000 crore rupees was stopped. Now they will get a refund of August till October 10 and October 18. E-wallet of every exporter will be created. There will be advance credit of a nominal amount. This will allow you to pay Exposure tax. Later it will be offset from their refund.
4) E-wallet system try to apply from April 2018: By then they will have to pay 0.1% GST on purchasing from the manufacturer. There was a 5% tax on duty credit scrip so far. It has been eliminated.
5) E-Way Bills: Try to apply from April 2018: Its use has been started in Karnataka. Experience is great. Slowly will be implemented in other states. April 2018 will try to implement it in all the states.
6) No tax on unregistered goods transport: The transporter had to pay tax in the reverse charge when the luggage of the unregistered businessman was taken. It has been eliminated.
7) turnover 1.5 Crore: Advance would not look on the provision of Tax Goods Supply also on GST Now those who make up to 1.5 million turnover will be exempted from this. They will have to pay tax at the time of supply.
8) 35% abatement on vehicle leasing: Now leasing seems like a tax equal to the vehicle. Now it will get 35% abatement. Only 65% of the tax will be charged.
9) Taxes pay big taxpayers, taxpayers also get 9% tax – Finance Minister Arun Jaitley said: “Now, 95% of the tax payers are the only ones.” With the facility of quarterly return to turnover of 1.5 crore, 90% of the beneficiaries will benefit. We are trying to increase the flow of taxes coming from big taxpayers. Also, middle and small taxpayers also come in the tax slab. ”
The Group of Ministers will consider these 3 cases
- Those compositions have to pay tax on turnover. Turnover includes discounts included. Taxes on them or not?
- Manufacturers with composition have to pay 2% tax. The minister’s group will consider it if he or she receives its credit.
- There is 18% tax on AC Restaurant. But the consumer does not get the benefit of tax credits. This option will also be searched.