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NEWS UPDATE

GST - Withdrawal of discount by supplier does not amount to profiteering - Flipkart cannot be held accountable for contravention of Section 171 of CGST Act: NAPA

GST Council takes slew of decisions to reduce tax rates & simplify compliance norms

GST Council to meet again on Aug 4, 2018 + to focus on issues relating to only MSME Sector + also to discuss possible sops for digital payments

GSTN to link all tolls & nakkas through RAFD for smooth movement of goods + SOP to be issued to overcome e-Way Bill related penalty + Migration window without interest to remain open till Aug-end

GST Council hikes exemption limit from Rs 10 lakhs to Rs 20 lakhs in States like HP, Uttaranchal, Assam, Arunachal & two more + also allows multiple registration within a State if taxpayer wishes so + simplifies cancellation of registration

GST - Council decides to make it quarterly return but monthly payment upto Rs 5 Crore turnover - Relief for 93% taxpayers + approves 10% of turnover or upto Rs 5 lakh worth of services by Composition dealers + suspends RCM upto September 2019

GST Council decides 28% tax to apply only on actual hotel tariff of Rs 7500 rather than declared tariff

GST Council grants relief to textile sector - ITC refund to be granted but after July 27, 2018

GST Council exempts many items such as statutes of god, rakhi, brooms & many others + tax rate on handloom items lowered from 12% to 5% + rate on ethanol down to 5% + many items moved from 28% to 18% slab

GST Council approves New two-page GSTR + facility of revision of GSTR + quarterly return for composition dealers but monthly tax payment + exemption to sanitary napkins + 5% tax rate on shoes up to Rs 1000 + many items like TV upto 25 inch + Fridge & other electronic items from 28% to 18% slab + powers to share IGST and CESS collected before 5 years

GST - CBIC Chairman asks officers to liquidate pendency relating to Budgetary Support Scheme

GST refund - Procedure further streamlined for speedy processing of refund by State authorities

GST Law Amendments - Will Council make it more taxpayer-friendly?