* GST rate on 27 items reduced.
* GST on unbranded Ayurvedic medicines has been reduced from 12% to 5%.
* Tax rate for man-made yarn has been reduced to 12% from 18%. The decision will have an effect on textiles.
* The council will try to implement the e-way bill by April 1, 2018.
* Traders will pay 1%, manufacturers 2% and restaurants 5% under the composition scheme.
* Refund cheques for July exports will be processed by Oct 10 and refund cheques for August exports will be processed by Oct 18.
* Those who have up to Rs 1.5 crore turnover will file quarterly returns, not monthly returns.
* Compliance burden of medium and small taxpayers in GST being cut; eligibility of composition scheme raised to Rs 1 crore.
* E-wallet for each exporter to be made and notional amount as advance refund will be given. It will be initiated on 1 April 2018.
They have made the system more complicated to save the face till Gujarat election.
Highlights..... oops... badlights of today's gst council meeting decisions :
1) Though quarterly return cycle starts from 1st Oct onwards, taxpayers in that bracket still to file monthly gstr3b returns till dec 17 monthly period. pahale paisa do, baad me aaramse return bhara to bhi chalega policy.
2) Those taxpayers which are in quarterly return bracket and dealing b2b supply to monthly return bracket customers may loose their business in future. Analyse yourself for clarification.
3) Tax on Khakra ... the food item mostly consumed by Gujarati's .... is reduced from 12% to 5%.... political decision considering coming Gujrat election. shame shame
4) Eway bill will be introduced by 1st jan in the few states and by 1st April in all over India. Bhai saab, let the businesses be alive till 1st Apr, baad me hame april fool karana.
5) ( Add your point further in comment)
4) They have not reduced the quantum of information to be submitted in the gst return.
CAclubindia
