Mayank Vashishta
1. GST Council decided to implement GST from 1st Day of July, 2017.
2. Relaxation in Return filing for the first 2 months (July and August): A summary return will required to be filed on self-declaration basis (in GSTR-3B) for first 2 months i.e. July and August by 20th day of next month. i.e. by 20th Day of August and September respectively.
3. GSTR-1 (Details of outward supplies of taxable goods and/or services effected) with invoice level details required to be filed for the month of July by 5th Day of September, 2017 and for the month of August by 20th Day of September, 2017.
GSTR-2 (Details of inward supplies of taxable goods and/or services claiming input tax credit) and GSTR-3 (Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax) for these 2 months, i.e. for July and August will be filed thereafter.
4. Negative List of Composition Scheme:
The following 3 products have been added to negative list of composition scheme and for them composition scheme will not be available:
i. Tobacco
ii. Ice Cream
iii. Pan Masala
5. Tax rate for hotels with tariff between 2000-7500 has been reduced to 18%.
6. State-run lotteries will be taxed at 12% and Private lotteries will be taxed at 28%
7. Commercial tax from all border posts will be removed from with implementation of GST from 1st Day of July, 2017.
8. The Council deferred a decision on e-way bills due to lack of consensus, which means states which have an e-way bill structure in place can continue with it, while others are exempt.
9. The next meeting of the Council headed by FM would be held on June 30.
The author can also be reached at mayank@eSachiv.com
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