06/10/2017
GST council meeting update :
1. Persons having turnover below 1.5 crores will have to now file returns on quarterly basis as well as pay taxes on quarterly basis. It will apply from 3rd qtr
*Till Dec 17 Form 3B to be filled by all dealers.*
*Persons having more than 1.50 crore turnover , who have purchased from small dealer have to fill manually all those entry in form 2.*
2. Council agreed in principle that Rate for restaurants is to be decreased to 12%. Committee if ministers will deliberate on this and give its suggestions in the next meeting to held on 9-10 November- 2 suggestion are in the works -
A. Reduce the rate to 12% (without credits) for all restaurants
B. Reduce the rate to 12% for non AC restaurants only
3. E-way bills deferred to April 2018
4. Inter-state supply of services exempted up to 20 lacs
5. Works contract having large labour content - rate reduced to 5% but without credit overflow
6. Composition scheme limit increased from 75 lacs to 1 crore
7. Refunds to exporters will be processed manually starting Oct 10.
8. Pre GST benefits reinstated for exporters till march 18. some more reliefs to exporters have also been decided upon - details awaited
9. Rates of many goods have been reduced.
10. Reverse charge *(only unregistered purchase case I.e. sec 9(4))* mechanism deferred upto 31st March.
Next meeting of the council will take place in Gauhati on 9-10 November.
