News Update

GST Council extends last date for migrated taxpayers to surrender registration upto March 31, 2018 + reduces penalty for late filing of GSTRs + decides to amend e-Way Bill rulesGST Council reduces tax rate from 28% to 18% on used motor vehicles + from 18% to 12% on sugar boiled confectionary, drinking water packed in 20 litre bottles, bio-diesel and bio-pesticides + from 18% to 5% on components required for satellite launch + LPG supplied for domestic consumption + from 12% to 5% on velvet fabric + from 3% to 0.25% on diamonds & precious stonesGST Council decides to exempt RTI-related services + reduces rate on construction of metro projects to 12% + 5% without ITC on housekeeping service through ECO + 5% rate on tailoring service + 18% rate now on entry ticket to water parks or theme parksGST on Services - ITC allowed to tour operators in same line of business + hikes exemption limit to Rs 7500 per month for Resident Welfare Members + exempts legal services provided to Governments & Govt entities + Rate reduced on transportation of petroleum products to 5% + Rate on job work services to leather and footwear reduced to 5% + exempts transport service provided to educational institutionsGST Council shifts focus on anti-evasion measures; Tax rates reduced on 29 goods & 53 ServicesGST Council decides to divide Rs 35000 Crore IGST collections between Centre & States, provisionally17 lakh Composition taxpayers paid only about Rs 307 Crore; Council expresses disappointmentLegislative changes - Council receives demand to introduce Sec 9(4) only for Composition taxpayersGST Council accepts Fitment Committee recommendations to reduce rates on 29 goods + 53 services; New rates to come into force from Jan 25GST Council accepts Sarna Committee report on handicraft items; Fitment Committee to decide tariff for 40 such itemsGST Council finally decides to stop at uploading of Sale Invoices in GSTR-3B till alternative is worked out and approved at next meeting through video conferencing + e-Way Bill - 15 States to roll out intra-State system on Feb 1, 2018SC terms States’ ban on Padmavat illegal after certification by Central BoardFinancial Year should roll out on Jan 1 rather than on April 1: Sushil ModiHyderabad DRI seizes Saudi & Omni Riyals worth Rs 1 Crore from pax heading for DubaiBihar CM wants Jaitley to hike Sec 80C limit to Sec 2 lakh + general exemption limit to Rs 3 lakhCentre to release Rs 1000 Cr more to AP Govt for its Amaravati projectTripura to go to polls on Feb 18; Nagaland + Meghalaya on Fe 27: Election CommissionGST Council is quite sensitive to exporters' problems, says Vice PresidentJaitley holds Pre-Budget talks with State FMs before Council MeetCBEC carries out more amendments in AEO ProgrammeSC declines to entertain petition seeking stay on media coverage of Apex Court Judges's rowADD on Metronidazole imported from PR China - Notfn 40/2012 rescinded - refund to be granted to importers who paid ADD on or after 29.08.2017 but did not pass on burden - Delhi HC in Aarti Drugs 2017-TIOL-1775-HC-DEL-Cus refersRebooting of GST - A TIOL word of caution for the CouncilST - Petitioner cannot challenge one part of order-in-original before High Court and another portion before CESTAT: HCI-T - Fees charged by trade regulatory body for registration of domain names are not taxable as 'commercial receipts': HCCX - CENVAT credit is admissible to extent insurance cover relates to employees for whom it is mandatory to provide such cover: CESTATI-T - Fees paid by cellular companies for acquring 3G band license, if capitalized as 'intangible asset', will be eligible for depreciation: ITATGST for 'Outdoor catering' should be reduced; No GST to be levied on Sale of Motorcars to employees after useGovt streamlines hotel classification guidelinesGovt hikes retirement age of Ayush doctors & civilian docs of Armed Forces to 65Direct tax collections peak at Rs 6.9 lakh cr after refund of Rs 1.2 lakh cr
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