GST SUMMARY- AS REVISED AT THE 22ND GST COUNCIL MEETING
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.
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