NEWS UPDATE
GST - Coffee beans processing units in trouble; seek exemption GST Council also approves several amendments in CGST Rules GST Council grants mega relief to healthcare services & clarifies rates for many Services 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 rules GST 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 stones GST 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 parks GST 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 institutions GST Council shifts focus on anti-evasion measures; Tax rates reduced on 29 goods & 53 Services GST Council decides to divide Rs 35000 Crore IGST collections between Centre & States, provisionally 17 lakh Composition taxpayers paid only about Rs 307 Crore; Council expresses disappointment Legislative changes - Council receives demand to introduce Sec 9(4) only for Composition taxpayers GST Council accepts Sarna Committee report on handicraft items; Fitment Committee to decide tariff for 40 such items GST 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, 2018 GST - Is mod se jaate hain syndrome continues ... GST - Govt claims system for implementation of e-Way Bill to be in place before GST Council meet on Jan 18 GST - Accommodation Service - tax to be levied on actual sum charged but Declared tariff to decide tax slab GST - No extension of due date for GSTR-1; Govt warns against fake notification FAQ clarifications regarding levy of GST on accommodation services, betting and gambling in casinos, horse racing, admission to cinema, home stays, printing, legal services etc now reiterated under Board Circular Gregorian Calendar 2017 to be remembered for mega fiscal upheavals! House Panel favours high sea sales be kept outside GST Transfer of ITC in case of sale, merger, demerger, lease & transfer - GSTN activates ITC GST 02 button Effective rate of tax under composition scheme for manufacturers halved - Notfn. 8/2017-CT amended

TIOL SEARCH