Quick Summary
The GST Council has recommended a series of clarifications and changes relating to the classification, tax treatment and compliance requirements for various goods. The recommendations cover toys, sublimation paper, seaweed extract-based bio-stimulants, second-hand vehicles, waste and scrap, Isabgol seeds, tractor tyres and certain supplies made through Canteen Stores Departments (CSDs). The proposed measures aim to resolve classification disputes, clarify Input Tax Credit (ITC) eligibility, ali
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience. 011-411-70713
FAQ :
Recommendations cover toys, sublimation paper, seaweed extract-based bio-stimulants, second-hand vehicles, waste and scrap, Isabgol seeds, and tractor tyres.
Suppliers of second-hand vehicles under the GST margin scheme will be allowed to claim Input Tax Credit (ITC) on various inputs, excluding the vehicles themselves.
Certain waste and scrap, including plastics, electronics, tyres, and used cooking oil, will be subject to the Reverse Charge Mechanism (RCM) when supplied by unregistered to registered persons. A 2% Tax Deducted at Source (TDS) will apply to registered business-to-business supplies of specified waste and scrap.
Yes, a nil GST rate will be prescribed for Psyllium (Isabgol) seeds, regardless of their condition (fresh, chilled, frozen, or dried).
Yes, it's clarified that GST rate notifications for toys cover all categories of toys under heading 9503 of the Customs Tariff Act, not just tricycles and scooters.
Compensation Cess will be exempted for CSDs on two and four-wheelers from July 2017 to September 2022, and on aerated drinks from July 2017 to March 2022.
CAclubindia
