Blog

GST Summary- As revised at the 22nd GST Council Meeting

Ten Facts You Might Not Know About Stamp Duty

The GST council has been monitoring the feedback post GST implementation from various quarters and sections of economy. Here are some of the important updates on the decisions taken by the council in its 22nd meeting of the council held at the national capital. These are yet to be notified:

  • Turnover for composition scheme raised to Rs.1 crore from Rs. 75 lacs

  • E-way bill provisions deferred till April 2018

  • With effect from 1 April 2018, E-wallet to be made available for each exporter and notional amount as advance refund to be given.

  • No need to furnish PAN card on jewellery purchase of more than Rs. 50,000 (below Rs. 2,00,000)

  • Rate Revision on 27 goods

  • Few daily use items to get cheaper

  • Postponement of TDS/TCS registration and operationalisation to 31st March 2018

  • Amendments considered in invoice rules to ease the tax payers

There are also provisions to provide relief for small and medium enterprises:

  • Reverse charge mechanism to be suspended till 31st March 2018 and will be reviewed by a committee of experts.

  • Taxpayers with annual turnover less than 1.5 crores need to file only quarterly returns.

  • Taxpayers having annual aggregate turnover of up to Rs.1.5 crores shall not be required to pay GST at the time of receipt of advances on account of supply of goods.

  • Inter-state supply of services exempted up to 20 lacs

  • To ease the hardships faced by small unregistered business, services provided by Goods and Transport Agency (GTA) to an unregistered person shall be exempt from GST

A mammoth economic reform such as this, is bound to have its share of hiccups and problems in transition. With regular monitoring and feedback and timely remedial measures, the economy should get well adjusted to the reform in due course of time.

With time India is becoming the primary spot for businesses to establish their businesses at. The country which is estimated to dominate the world in terms of population, is also predicted in soon time will increase its gross GDP by 7 trillion. The GST taxes applied newly, will help India to restructure its market in a way that will path way for newer industries entering Indian markets. In this case of rising competitions, businesses in India must need to secure their futures, to avoid market contradiction of their profits or their disappearance from the market. IBS India, being one of the best consultancyservice provider in India, helps businesses and companies to secure their base in the business sector and to develop a strategy for further upliftment. Out of all the corporate consultant companies in India, IBS India offers services related to startup business contract in India, to assist newly established start up businesses to get a catch hold of the market function and its operation. Other than financial assistance and consulting, IBS India also serves to businesses with legal assistance through its service which offers quality business and legal consultancy service in India, which from all corners, secures the business and rolls it on the tracks of higher future returns. For more info, follow us on our Facebook page and stay tuned with us for business updates.