1. Highlights of this GST Council meeting
A) GST Return Filing process further simplified
- Regular taxpayers with a turnover up to Rs 5 crore may choose to send GST returns quarterly against earlier limits for Rs. 1.5 crore. However, these taxpayers must pay tax monthly through Challan.
- Regular taxpayers with a turnover of more than Rs. 5 crores, must send a monthly return filing RETURNS new proposal for the Shri Nandan Nilekani system was passed.
- Changes made by delivering feedback referring to changes in repayment and payment, if any, will in themselves be a return to help keep interest payments for taxpayers.
- It is suggested that NIL return filers (no purchase and sale there) must be given in return of the object file to send SMS.
B) Compound retailers get nodded
- Composition dealers can now cover delivery of services: the limit is equal to or less than 10% of revenue, or made RS lakhs 5, depending on the above services, attached to select the circle *. Restaurant services are not considered to include these criteria.
- All councillors voted unanimously, due to the increased limit value for Rs. 1.5 crore from the existing Rs 1.0 lakh as soon as possible.
C) GST registration
- Taxpayers can select multiple registrations within the state / union territory with regard to more companies located in the same state / union. It has previously been limited by several companies in some countries.
- E-commerce operators should have mandatory registration of GST only on the non-exempt goods.
- The threshold for the release of GST is increased to 20 from 10 lakhs 6 States-Taxpayers, working in Sikkim Arunachal Pradesh, Himachal Pradesh, Uttarakhand, Assam and Meghalaya.
D) The reverse taxation mechanism is postponed for one year before 30 September 2019
- Committee to study the pros and cons of the system, as well as a likely impact on revenue.
- At the same time, the change Levy GST on the reversal mechanism only suggested on these items in respect of certain classes of registered persons who are declared to receive freight from unregistered suppliers.
E) Create the GST Appeal Tribunal
- National Bench will be established in New Delhi.
- 3 State / Regional Bench comes to Mumbai, Chennai and Kolkata with a few benches district.
- Amount of deposits paid for appeal to appeals and the Appeals Court has limited to RTS. 25 crore and Rs. 50 crore, respectively.
2. Recent Rate Changes on Goods
|S.NO||Items||New Rate||Old rate|
|1||Rakhi (other than that of precious or semi-precious material )||
|3||Circulation and commemorative coins||5%|
|4||A raw material for broom||12%|
|6||Sal leaves and its products||18%|
|8||Coir pith Compost||5%|
|9||Chenille fabrics and other fabrics under 5801||
|11||Phosphoric Acid (fertilizer grade only)|
|12||Handmade Carpets, Textile Floor, Coverings|
|13||Knitted cap/topi having retails sale value exceeding Rs. 1000|
|14||Kota Stones and Similar Stones (other than polished)||
|15||Ethanol for sale to oil marketing companies for blending with fuel|
|16||Solid Biofuel pellets|
|19||Hand Operated Rubber Roller|
|20||Brass Kerosene Pressure Stove|
|21||Zip and Slide Fastener|
|22||Handicrafts (Excluding handmade)|
|23||Handbags including pouches and purses; jewellery box|
|24||Fuel Cell vehicle||28%|
|25||Televisions up to 68 cm||
|26||Glaziers’ putty, grafting putty, resin cement|
|27||Refrigerators, freezers, water cooler, milk coolers, ice cream freezer|
|29||Food Grinders & mixer|
|31||Paints and Varnishes (including enamels and lacquers)|
|32||Shaver’s, Hair Clippers|
|34||Storage water heaters|
|36||Hair Dryers, Hand Dryers|
|37||Electric Smoothing irons|
|40||Pads for application of cosmetics or toilet preparations|
|43||Special purpose motor vehicles|
|44||Work Trucks (Self-propelled, not fitted with lifting or handling equipment)|
|45||Trailers & Semitrailers|
3. Recent Rate Changes on Services
|Services||New Rates||Old Rates|
|Supply of e-books||5%||18%|
|Supply of Multimodal Transportation||12%||Nil|
|List of Services Exempt|
|1. Sevices provided by Coal Mines provident fund organisation to the PF subscribers|
|2. Services provided by Old age home run by state government / central government to the citizens aged more than 60 years up to Rs. 25000|
|3. GST exempted on the administrative fee collected by National Pension System Trust|
|4. Services provided by an unincorporated body or non-profit entity registered under any law to own members up to Rs. 1000 per year of membership fees.|
|1. Services by way of artificial insemination of livestock (other than horses)|
|2. Services provided by FSSAI to food businesses.|
|3. Services provided by way of warehousing minor forest produce|
|4. Services provided by the installation and commissioning by DISCOMS for extending electricity distribution network for agricultural use.|
|1. Reinsurance services provided to insurance scheme such as Pradhan Mantri Rashtriya Swasthya Suraksha Mission|
|1. Guarantees are given by central/state government to their undertakings/PSUs.|
|2. Services provided by a government to ERCC by assigning the right to collect royalty to mining lease holders.|
|1. Import of services by Foreign diplomatic missions/UN other international organizations|
|2. GST rate slabs will apply on the actual rate for hotel services instead of declared tariff.|
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