The GST
council 28th meeting which was held at Vigyan Bhawan, New Delhi stated that the
tax rates 30 to 40 items were considered in the meeting. Goods and services tax
is continuously upgraded by the GST council for better results for the proper
implementation.
In the
latest GST council meeting, several important decisions were taken by the panel
and GoM to resolve immediate problems of the business community.
Piyush Goyal On Key Tax Rate Changes
Exempt
from GST:
- Fortified milk
- Sanitary pads.
- Raw material
used in brooms.
- Commemorative
coins circulated by the RBI or government.
- Saal leaves
- Deities made of
stone, marbles or wood.
From 12
percent to 5 percent:
- Fertiliser grade
phosphoric acid
- Handloom Dari
From 18
percent to 5 percent:
- Footwear Below
Rs. 1000
From 28
percent to 18 percent:
- Lithium-ion
batteries reduced
- Food grinders,
mixers, juicer
- Vaccum cleaners
- Shavers, hair
clippers
- Storage water
heaters
- Watercooler
- Ice cream
freezer
- Paint
- Electric
smoothing irons
- Refrigerators
- Washing Machines
- Perfumes
- Hand dryers
- Cosmetics
- Scents
- Varnishes
- Putty
- Bamboo Flooring
- TV (up to 68 cm
i.e. 27 inches)
- Trailers
- Concrete Mixer
- Special Purpose
Vehicle
- Work Truck
- Photographs
- Mirrors
- Toilet Spray
- Hair Curlers
Note: The
new revised GST rates on products may be applicable from 27th July 2018.
Revised GST Tax Slabs in India for FY 2018-19
by Latest GST Council Meeting
Rates
|
Commodity/Services
|
0%
|
Milk, Butter Milk,
Curd, Cereals, Natural Honey, Flour, Besan, Puffed rice, Papad, Bread,
Prasad, Salt, Bindi. Sindoor, Contraceptives, Fresh Fruits and Vegetables,
Firewood, Bangles (non-precious metals), Agricultural Implements,
Stamps, Judicial Papers, Printed Books, Newspapers, Bangles, Human Blood,
Guar meal, Hop cone (other than grounded, powdered or in pellet form),
Certain dried vegetables such as sweet potatoes, maniac, Unworked coconut
shell, Khandsari sugar, de-oiled rice bran, hearing aid accessories,
Fortified milk, Sanitary pads, Raw material used in
brooms, Commemorative coins circulated by the RBI or government, Saal
leaves, Deities made of stone, marbles or wood, etc.
|
5%
|
Namkeen/Bhujiya,
Coffee, Tea, Kerosene, Coal, Cream, Skimmed Milk Powder, Branded Paneer,
Frozen Vegetables, Processed Spices, Pizza Bread, Rusk, Sabudana, Medicines,
Stent, Lifeboats, Soyabean, Groundnut, Sunflower Seeds, Vegetable Fats &
Oils, Beet Sugar, Cane Sugar, Cocoa Beans, Shells, Paste, Tar, Peat, Lignite,
Lpg For Domestic Consumption By Ioc, Hpcl, Bpcl, Nuclear Fuel, Nuclear Grade
Sodium, Bakery Mixes, Doughs, Pizza Bread, Vermicelli, All Ores And
Concentrates, Heavy Water and Other Nuclear Fuels, Compressed Air, Animal or
Human Blood Vaccines, Iron/ Steel/ Ferrous Alloy – Kerosene Burners and
Stoves, Iron/ Steel/ Ferrous Alloy – Table or Kitchen or Other Household
Articles, Table or Kitchen or Other Household Articles of Copper, Copper
Utensils, Solar Water Heater, Diagnostic Kits for Detection of All Types of
Hepatitis, Newsprint, Handmade Safety Matches, Geometry Boxes, Hand Pumps,
Renewable Energy Devices, Boats, Fishing Vehicles, Coronary Stents,
Artificial Kidneys, Broomsticks, Jhadoo, Steel Utensils, Curtains,
Toilet Linen, Blankets and Travelling Rugs, Bed Linen, Kitchen Linen, Terry
Toweling, Terry Fabrics, Napkins, Mosquito Nets, Sacks and
Bags, Man-made Apparel, Life Jackets (Highlighted Goods Under INR 1000),
Job work on textile, Footwear under INR 1000, Cotton and Natural
Fibres, Khadi Yarn, Match Boxes, Packed Organic Fertilizer, Fertilizers,
Lobhan, Mishri, Batasha, Bura, Insulin, Agarbattis, Cashew Nuts, Mango Sliced
Dry, Khakra & Plain chapati/roti, Food preparations for Weaker Sections,
Ayurvedic/Unani/Siddha/Homeopathy medicines(Unbranded), Plastic
Waste/Parings/ Scrap, Rubber Waste/Parings/ Scrap, Hard Rubber Waste or
Scrap, Paper waste or scrap, puffed rice chikki, peanut chikki, sesame
chikki, revdi, tilrevdi, khaza, kazuali, groundnut sweets gatta, kuliya,
Flour of potatoes put up in unit container bearing a brand name, Chutney
powder, Fly ash, Sulphur recovered in refining of crude, Fly ash aggregate
with 90% or more fly ash content, Desiccated coconut, Narrow woven fabric including
cotton newar [with no refund of unutilised input tax credit], Idli, dosa
batter, Coir cordage and ropes, jute twine, coir products, Worn clothing, Fly
ash brick, mehendi paste in cones, velvet fabric, tamarind kernel powder,
articles of straw, Fertiliser grade phosphoric acid, Handloom dari, imported
urea, E-books, etc.
|
12%
|
Dry Fruits In Packaged
Form, Ayurvedic Medicines (Branded), Butter, Cheese, Ghee, Fruits And
Vegetable Juices, Tooth Powder, Coloring Books, Picture Books, feature
phones, Umbrella, Sewing Machine, Milk Beverages, Bio-Gas, Medicinal Grade
Hydrogen Peroxide, Anaesthetics, Potassium Iodate, Iodine, Steam, Glands And
Other Organs For Organo-Therapeutic Uses, Ayurvaedic, Unani, Homoeopathic
Siddha Or Biochemic Systems Medicaments, Sterile Suture Materials, Sterile
Catgut, Sterile Suture Material, Sterile Dental Yarns, Sterile Tissue
Adhesives For Surgical Wound Closure, Dental Haemostatics, Fountain Pen Ink,
Ball Pen Ink, Candles, Silicon Wafers, Natural Cork Wood Pulp, Children’S Drawing
Books, Calendars, Ceramic Tableware, Kitchenware, Toilet Articles,
Lenses Used In Spectacles, Barbed Wire Of Iron And Steel, Screw, Bolts, Nuts,
Sewing/Knitting Needles, Lpg Stoves, Aluminium Utensils, Pencil Sharpeners,
Knives, Power Driven Water Pumps, Electric Vehicles, Bicycles, Spectacle
Lens, Led Lights, Sports Goods, Art Works, Antiques, Curtains,
Toilet Linen, Blankets and Travelling Rugs, Bed Linen, Kitchen Linen, Terry
Toweling, Terry Fabrics, Napkins, Mosquito Nets, Life Jackets, Man-made Apparel (Highlighted
Goods Above INR 1000), All synthetic filament yarn, such as nylon, polyester,
acrylic, All artificial filament yarn, such as viscose rayon, Cuprammonium,
Wet grinders consisting of stone as grinder, Tanks and other armoured
fighting vehicles, Condensed milk, Refined sugar and sugar cubes, Pasta,
Curry paste, mayonnaise and salad dressings, mixed condiments and mixed
seasoning, Diabetic food, Medicinal grade oxygen, Printing ink, Hand
bags and shopping bags of jute and cotton, Hats (knitted or crocheted), Parts
of specified agricultural, horticultural, forestry, harvesting or threshing
machinery, Specified parts of sewing machine, Spectacles frames, Furniture
wholly made of bamboo or cane, drinking water packed in 20 litre bottles,
sprinklers Mechanical Sprayer, bamboo wood building joinery, drip
irrigation system, bamboo flooring, etc.
|
18%
|
Preserved Vegetables,
Tissues, Envelopes, Tampons, Note Books, Cornflakes, Pastries And Cakes,
Jams, Jellies, Sauces, Soups, Ice Cream, Instant Food Mixes, Steel Products,
Disinfectants, Household Plastic Products, Hot Water Bottles, Printed
Circuits, Speakers, Monitors, Camera, Smartphones, Infant Use Preparations,
Waffles, Jams, Tea Concentrates, Sharbet, Mineral/Aerated Water (Without
Sugar), Lpg For Domestic Supply By Ioc, Hpcl, Bpcl, Petroleum Jelly, Paraffin
Wax, Petroleum Coke, Petroleum Bitumen, Nicotine Polacrilex
Gum, Essential Oils, Hair Oil, Dentrifices -Toothpaste, Soap, Whey
Proteins & Fitness Supplements, Gelatin, Propellant Powder, Insecticides,
Fungicides, Toilet Paper, Notebooks, Helmets, Headgears, Copper Bars, Rods,
Wires, Copper Screws, Nuts, Bolts, Nickel Bars, Rods, Nickel Screw, Nuts,
Bolts, Nickel Tubes, Pipes, Netting, Aluminium Ingots, Rods, Wires, Lead
Plates, Sheets, Strips, Zinc Goods, Tin Bars, Rods, Padlocks, Locks, Braille
Typewriters, Manmade Fibres,Footwear above INR 1000, Biscuit, School Bags,
Printers, Tractors Parts, Poster Colour, Marble, Granite, Cables, Insulated
Conductors, electrical insulators, electrical plugs, switches, sockets,
fuses, relays, electrical connectors, Electrical boards, panels, consoles,
cabinets etc for electric control or distribution, Particle/fibre boards and
ply wood. Article of wood, wooden frame, paving block, Furniture, mattress,
bedding and similar furnishing, Trunk, suitcase, vanity cases, briefcases,
travelling bags and other handbags, cases, Detergents, washing and cleaning
preparations, Liquid or cream for washing the skin, Shampoos; Hair cream,
Hair dyes (natural, herbal or synthetic) and similar other goods; henna
powder or paste, not mixed with any other ingredient, Pre-shave, shaving or
after-shave preparations, personal deodorants, bath preparations, perfumery,
cosmetic or toilet preparations, room deodorisers, Perfumes and toilet
waters, Beauty or make-up preparations, Fans, pumps, compressors, Lamp and
light fitting, Primary cell and primary batteries, Sanitary ware and parts
thereof of all kind, Articles of plastic, floor covering, baths, shower,
sinks, washbasins, seats, sanitary ware of plastic, Slabs of marbles and
granite, Goods of marble and granite such as tiles, Ceramic tiles of all
kinds, Miscellaneous articles such as vacuum flasks, lighters, Wrist watches,
clocks, watch movement, watch cases, straps, parts, Articles of cutlery,
stoves, cookers and similar non electric domestic appliances, Razor and razor
blades. Multi-functional printers, cartridges, Office or desk equipment,
Door, windows and frames of aluminium, Articles of plaster such as board,
sheet, Articles of cement or concrete or stone and artificial stone, Articles
of asphalt or slate, Articles of mica, Ceramic flooring blocks, pipes,
conduit, pipe fitting, Wall paper and wall covering, Glass of all kinds and
articles thereof such as mirror, safety glass, sheets, glassware, Electrical,
electronic weighing machinery, Fire extinguishers and fire extinguishing
charge, Fork lifts, lifting and handling equipment, Bull dozers, excavators,
loaders, road rollers, Earth moving and levelling machinery, Escalators,
Cooling towers, pressure vessels, reactors, Crankshaft for sewing
machine, tailor’s dummies, bearing housings, gears and gearing;
ball or roller screws; gaskets, Electrical apparatus for radio and television
broadcasting, Sound recording or reproducing apparatus, Signalling, safety or
traffic control equipment for transports, Physical exercise equipment,
festival and carnival equipment, swings, shooting galleries, roundabouts,
gymnastic and athletic equipment, All musical instruments and their parts,
Artificial flowers, foliage and artificial fruits, Explosive, anti-knocking
preparation, fireworks, Cocoa butter, fat, oil powder, Extract, essence ad
concentrates of coffee, miscellaneous food preparations, Chocolates, Chewing
gum / bubble gum, Malt extract and food preparations of flour, groats, meal,
starch or malt extract, Waffles and wafers coated with chocolate or containing
chocolate, Rubber tubes and miscellaneous articles of rubber, Goggles,
binoculars, telescope, Cinematographic cameras and projectors, image
projector, Microscope, specified laboratory equipment, specified scientific
equipment such as for meteorology, hydrology, oceanography, geology, Solvent,
thinners, hydraulic fluids, anti-freezing preparation, second-hand medium
& SUVs, Bio-fuels powered buses, Sugar boiled confectionery, admission to
theme parks, water parks, Lithium-ion batteries, Food grinders, mixers,
Vaccum cleaners, Shavers, hair clippers, Storage
water heaters, Water cooler, Ice cream freezer, Paint, Electric smoothing
irons, Refrigerators, Perfumes, Hand dryers, Cosmetics, Scents, Varnishes,
Trailers, Special Purpose Vehicle, Work Truck, Photographs, Mirrors, Toilet
Spray, Hair Curlers, Bamboo Flooring, TV (up to 68 cm i.e. 27 inches), putty,
washing machine, Concrete Mixer, etc.
|
28%
|
Automobiles,
Motorcycles, Molasses, Chocolate Not Containing Cocoa, Aerated Water,
Dishwasher, Atm, Vending Machines, Aircraft For Personal Use, Yachts, Powder,
Chocolates, Instant, Aroma Coffee, Coffee Concentrates, Custard Powder,
Protein Concentrates, Sugar Syrups, Aerated Water (With Sugar), Artists’,
Students’ Or Signboard Colours, Wall Fillings, Dental Floss, Toothpaste,
Liquid Soap, Commercial Plastic Products, Rubber Tyres, Fur & Artificial
Fur Apparel, Particle Board, Plywood, Headbands, Felt Hats, Wigs, False
Beards, Eyelashes, Artificial Flowers, Plaster, Calcerous Stone, Tempered
Glass, Stoves (Other Than Kerosene Stove And Lpg Stoves), Barbecues,
Braziers, Gas-Rings, Electrical Hot Plates, Electrical Heaters, Aluminium
Foil, Razors, Manicure, Pedicure Sets, Air-conditioners, Printer,
Photocopier, Fax Machines, Motor Cars, Pianos, Revolvers, Furniture,
port-land cement, electric batteries, etc.
|
28% (with Cess)
|
Luxury and De-Merits
Goods
|
GST Council
Meeting full detail:
27th
GST Council Meeting
Date: 04-05-2018 Location:
Kolkata, West Bengal
§ Online
process of issuing notices and orders for reversal of input credits and
recovery of tax.
§ The
tax liability of B2B dealers will be calculated by the outward supply made
based on the invoice details filled out.
§ Quarterly
returns can be filed by composition dealers and those having nil transactions.
§ Seller
invoices can be uploaded anytime for buyer to avail of input credits, which
will be automatically calculated.
§ The
formation of Ministers from State Governments has been recommended to
investigate how digital transactions can be promoted, reduction of GST on ethanol
and for the imposition of sugar cess over 5%
§ To
avoid misuse of input tax credit system, for sellers who have defaulted in
payments above a certain limit, invoices shall be unloaded from the system.
§ The
new system will be transitioned into in three stages.
§ To
reduce compliance difficulties for businesses, the government will be
introducing a simplified return process, soon.
§ There
will be user friendly IT interface and tools for easier uploading of invoices
for taxpayers, soon
§ For
any seller who does not make payments, the buyer’s input credits will not be
reversed automatically.
§ GSTN
to be taken over and owned by the government.
26th GST Council Meeting
Date: 10-03-2018 Location: New Delhi
The
focus of this meeting was on the return simplification process, which will be
decided by Finance Minister Arun Jaitley.
§ The
current GSTR Filing process that is of GSTR-1 and GSTR-3B has been extended till June 2018.
§ The
reverse charge mechanism on transactions from unregistered dealers has been
postponed till 30 June 2018.
§ Furthermore,
the provisions relating to implementation of tax deducted at source and tax
collected at source has been postponed to 30th June 2018.
§ Grievance
redressal has been implemented for grievances arising due to IT glitches, The
GIC (GST
§ Implementation
Committee) is assigned this task.
§ Implementation
of e-wallets from 1st October 2018, for easier refund processing. E-way bill
will be mandatory from 1st April 2018 on all inter-state supplies, where value
of consignment is more than Rs. 50,000.
§ E-way
bill will be mandatory for inter-state and intra-state supplies from 1st June
2018.
§ The
process for refunds of exports has been expedited.
25th
GST Council Meeting
Date: 18-01-2018 Location: New Delhi
§ Major
decision taken in this meeting was the reduction of late fees for failure of
filing returns. The late fee was reduced to Rs. 50 per day for GSTR-1, GSTR-5 and
GSTR-5A and RS 20 per day for NIL Returns.
§ Voluntary
registration can be cancelled even before the expiry of one-year from the
effective date of registration.
§ Certain
modifications in the e-way bill have also been suggested by the council.
§ The
council also accepted the report on handicrafts, with the sole motive of
boosting the exports of such goods.
§ Due
date of filing GST REG-29 extended to 31st March 2018.
§ Decisions
relating to changes in GST Rates, ITC, levy of GST in case of services has also been
decided in the meeting.
24th
GST Council Meeting
Date: Held on 16th December 2017 Location: through video conferencing
§ E-way
bill was the focal point of this meeting.
§ It
was decided that e-way bill will be implemented on voluntary basis from 1st
February 2018 and will be
§ Mandatory
from 1st June 2018 for all inter and intra state movement.
§ E-way
bill should be generated using Form
GST-EWB-01.
23rd
GST Council Meeting
Date: Held on 10th November 2017 Location: Guwahati, Assam
§ Simplification
of the return filing process
§ GSTR-2
& GSTR-3 suspended until further notice.
§ Due
dates for return filings (GSTR-1 & GSTR-3B) were announced.
§ Composition
scheme limit increased to Rs 1.5 crore.
§ No
inter-state supplies allowed for taxpayers registered under the composition
scheme.
§ GST
@ 1% applicable on manufacturers and traders under the composition scheme.
§ Waiver
of penalties and reduction in penalties for late filing of returns.
§ GST
rate changes for the hotels and restaurants.
§ 5%
GST applicable on restaurants without input tax credit benefit
§ With
the exception of export of service to Nepal and Bhutan, there will be no GST on
advance received on supply of goods.
22nd
GST Council Meeting
Date Held on 6th October 2017 Location: New Delhi
§ Limit
for composition scheme raised to Rs. 1 crore from Rs. 75 lakh.
§ Taxpayers
having turnover of up to Rs 1.5 crore annually can file quarterly returns.
§ Traders
to pay 1%, manufacturers 2% and restaurants 5% under composition scheme.
§ GST
Council reviewed the GST rates of 26 items (Like GST on engine parts, diesel
pumps reduced to 18%, GST on Ayurveda medicines reduced to 5%, Manmade yarn put
under 12% tax bracket, GST on khakhra) reduced to 5%Decision taken on
implementation of E-way bill by April of next year.
§ Recommendation
on tax rates for AC Restaurants to be revised.
§ Refund
of IGST on exports from July to 10th October 2017 and on exports from August to
18th October 2017.
§ 1%
tax applicable on traders, 2% on manufacturers and 5% on restaurants under the
composition scheme.
§ GST
on job works reduced to 5%.
§ RCM
(Reverse Charge Mechanism) suspended till 31st March 2018.
§ TDS/TCS
postponed till 31st March 2018.
§ Dates
to be announced for SEZ refund and accumulated credit.
§ 0.1%
GST applicable on Merchant Exporters for procuring goods from domestic
suppliers.
§ To
facilitate the exporter’s, it was decided to launch E-wallet scheme from 1st
April 2018.
§ Service
providers exempt from compulsory registration for inter-state taxable supply
21st
GST Council Meeting
Date: Held on 9th September Location: Hyderabad
§ GST
Registration made compulsory for persons
undertaking inter-state supply, irrespective of the turnover.
§ GSTR-3B
returns to be filed for all months till 31st December.
§ GST
reduced to 12% on all the services provided by the local authority or
government authority in any of the prescribed ways that includes: construction,
erection, commissioning, installation, completion, fitting out, repair,
maintenance, renovation, or alteration of –
1. A civil structure meant predominantly for use other
than for commerce, industry, or any other business or profession.
2. A structure used for: education, clinical,
art or cultural establishment.
3. A residential complex predominantly meant for
self-use or the use of their employees or other persons specified in paragraph
3 of the Schedule III of the CGST Act, 2017.
§ GST
to be exempted on tickets to FIFA U-17 Football World Cup- 2017 events.
20th
GST Council Meeting
Date: Held on 5th August Location: New Delhi
This
was the 2nd GST Council meeting after the launch of GST on 1st July 2017.
§ GST
Council approved the implementation of E-way bill across the country on the
consignment value above Rs 50,000.
§ To
ensure that the benefits of GST rate cuts are passed on to the customers, the
GST council had a long discussion on anti-profiteering rules and the Finance
Minister appealed to the industry to pass on the benefits to the customers.
§ GST
Rates on various services and goods has been reduced: (a) job work to textile
industry to be taxed @ 5% which was previously taxed @18% (b) part of tractor,
to be used only with tractor subject to 18% GST instead of
§ 28%
GST. (c) work contract awarded by the government to be taxed at 12% instead of
the 18% GST.
§ New
Crop insurance schemes to be exempted from GST. These schemes include: Pradhan
Mantri Fasal Bima Yojana (PMFBY), Modified National Agricultural Insurance
Scheme (MNAIS), Restructured Weather Based Crop Insurance Scheme (RWCIS),
National Agricultural Insurance Scheme (NAIS).
§ Cab
operators to be allowed 12% GST with ITC benefit and 5% GST with no ITC
benefit.
§ Small
house keeping services provided through Electronic Commerce Operators (ECO),
shall be liable to pay GST.
§ Legal
services provided by a individual advocate or a firm of advocates to a business
entity shall fall under the reverse charge mechanism.
§ GST
exemption to be provided on Goods and Services provided by and to FIFA and its
subsidiaries in connection to FIFA U17 World Cup to be hosted in India in
2017.
19th
GST Council Meeting
Date Held on 17th July 2017 Location: through Video Conferencing
The
first GST Council Meeting after the launch of GST on 1st July 2017.
§ The
basic agenda of the meeting was to take stock on the implementation of GST and
the situation post its rollout.
§ The
ad valorem cess on cigarettes was hiked to 5% in addition to the 28% GST.
§ Fixed
cess of cigarettes hiked between Rs 485 and Rs 792 per thousand sticks.
§ This
would bring additional Rs 5,000 crore of revenue that previously went to the
manufacturers.
§ Consumer
prices will not be impacted as the increased tax incidence would only take away
the additional profits reaped by the manufacturers.
18th
GST Council Meeting
Date: Held on 30th June 2017 Location: New Delhi
§ 18th
GST Council meeting called to thank all the council members for their support
in implementation of GST.
§ GST
to be implemented from midnight on 30th June 2017.
§ The
tax rate on fertilizers reduced to 5% from 12%
§ Tax
rate on exclusive parts of tractors reduced to 18% from 28%
17th
GST Council Meeting
Date Held on 18th June 2017 Location: New Delhi
§ In
the 17th GST Council meeting it was announced that GST will be officially
launched on the mid night of 30th June 2017.
§ Relaxed
tax filing due dates for July and August.
§ No
late filing fee or penalty applicable for the said period.
§ Revision
in the hotel room tariffs.
§ GST
fixed @ 18% for hotel rooms: tariff per day ranges from Rs 2500 to Rs 7500 and
GST @ 28% applicable on rooms with tariffs above Rs 7500.
§ State
run lottery shall attract GST @12% to the face value of the lottery ticket.
§ Government
authorized lottery will attract GST @ 28%.
16th
GST Council Meeting
Date: Held on 11th June 2017 Location: New Delhi
§ Rates
for 66 items revised out of 133 items recommended these include packaged food,
Agarbatti, Cashew Nuts, Cinema Ticket < 100, Concrete Pipes, Computer
Printer etc.
ITEM
|
OLD
GST RATE
|
REVISED
GST RATE
|
Agarbatti
|
12
|
5
|
Insulin
|
12
|
5
|
Packaged Food
|
18
|
12
|
Plastic Beads
|
28
|
18
|
Plastic Tarpaulin
|
28
|
18
|
School Bags
|
28
|
18
|
Dental Wax
|
28
|
8
|
Kajal
|
28
|
18
|
Drawing Books
|
12
|
Nil
|
Cashew Nuts
|
12
|
5
|
Tractors Components
|
28
|
18
|
§ Limit
of the composition scheme revised to Rs 75 lakh from Rs 50 lakh.
§ Tax
rate on telecom sector and sanitary napkins remains unchanged.
§ Rules
related to Anti-profiteering discussed and a clause related to the same added
in CGST and SGST laws.
15th
GST Council Meeting
Date: Held on 3rd June 2017 Location: New Delhi
§ July
1, 2017 finalized as an official date for the launch of GST.
§ GST
Council to decide the rates on 6 categories of commodities like: footwear,
biris, textiles, biscuits, precious metals and agricultural machinery.
§ GST
@ 3% applicable on jewelry, gold and gems and 0.25% on rough diamond.
§ GST
@ 18% on all biscuits.
§ Committee
to be set up for addressing to the complaints on anti-profiteering.
§ Amendments
relating to transition rules under which traders and retailers can claim 60%
against the CGST or SGST dues, where the rate is exceeding 18% and for rate
below 18% the 40% can be claimed.
14th
GST Council Meeting
Date: Held on 18th & 19th May, 2017 Location: Srinagar, Jammu & Kashmir
§ The
council decided on the GST Rate slabs.
§ The
tax rates were finalized as Nil, 5%, 12%, 18% and 28% for different goods and services.
§ The
council also approved the list of services under the reverse charge mechanism
like services provided by the advocate or legal services.
§ GST
Compensation cess to be levied on certain items like tobacco, aerated water,
pan masala, cigarette.
§ Compensation
cess of 204% was proposed to be levied on pan masala containing “Guthkha”.
13th
GST Council Meeting
Date: Held on 31st March 2017 Location:New Delhi
§ The
council in this meeting discussed four important set of rules for the
implementation of GST.
§ Rules
related to Input tax credit, valuation, transitional provisions and composition
were approved. These will be put forth in the public domain and finalized in
the next meeting.
§ 1st
July 2017 to be the tentative date for implementation of GST.
§ Finance
Minister announced that the earlier approved five set of rules related to
registration, return, payment, invoice, debit and credit notes need to be
amended.
12th
GST Council Meeting
Date: Held on 16th March 2017 Location: New Delhi
§ Approval
of draft bills for the implementation of GST in States and Union Territories
(SGST & UTGST).
§ Supplies
to SEZs taxed at Nil rate.
§ Cess
on luxury goods capped @ 15%.
§ Cleared
the proposal to cap cess @ 15% on luxury cars and aerated drinks.
§ Cess
on demerit goods like: pan masala, tobacco, cigarettes to be fixed at a higher
rate.
§ Approval
on five legislations relating to registration, return, payment, invoice, debit
and credit notes.
11th
GST Council Meeting
Date: Held on 4th March 2017 Location: New Delhi
§ Approval
on IGST and CGST Bill.
§ State-
wise single GST Registration.
§ Single
return to be filed state wise regardless of supplies made inter-state or
intra-state.
§ No
registration required if the annual turnover doesn’t exceed Rs 20 lakh except
in the special category states like: Arunachal Pradesh, Sikkim, Uttarakhand,
and other North-Eastern states where the turnover limit is Rs. 10 Lakhs.
§ Traders,
select manufacturers and restaurants having annual turnover up to Rs 50 lakh
can avail the benefit of composition scheme.
§ ITC
(Input Tax Credit) would be admissible on all the goods and services used for
the furtherance of business, except for the few items mentioned in the law.
This was done to prevent the cascading effect of taxes.
§ Cross
utilization of ITC- The ITC arising out of payment of taxes to central law can
be set off or cross utilized for the payment of taxes to the state or union territories.
§ Mechanism
of ISD (Input Service Distributor) retained under the service tax law.
§ Sigh
of relief to exporters- The provision for 90% refund to exporters within 7 days
of filing of the refund application to avoid the lock-in of capital for
exporters.
§ Single
administrative interference, under which a provision has been made to authorize
the tax administers from center and states to exercise powers conferred under
all acts.
§ Income
derived by an agriculturist from the cultivation of land will be exempted under
the GST law.
§ Provision
made for Advance Ruling Authority.
§ The
council also made Exhaustive provisions for Appellate mechanism.
§ Provisions
made for seamless transitions for the taxpayers registered under the pre-GST
tax regime.
§ To
ensure the benefit of reduction in taxes is passed on to the customers, the
council made exhaustive Anti-Profiteering Provisions.
§ A
taxpayer going through the difficult times or is not in a state to pay GST can
pay the GST amount in installments on the approval of the commissioner.
§ Lenient
Penal provisions as the law is still in its infant stage.
§ TCS
(Tax Collected at Source) for e-commerce capped at 1%.
10th
GST Council Meeting
Date:
Held on 18th February 2017 Location: Udaipur, Rajasthan
§ GST
Compensation Bill gets the final nod in the meeting. The approval of the bill
was an important decision taken as, it seeks to explain the way the states will
be compensated in case of revenue loss arising in the first five years post
implementation of GST.
§ No
additional powers given to CAG under the indirect tax law.
§ Items
under different tax slabs to be categorized in the subsequent meetings.
9th
GST Council Meeting
Date: Held on 16th January 2017 Location: New Delhi
§ The
GST Council concluded its 9th meeting. It resolved the controversial issue of
Dual Control between the center and state.
§ The
center and state will assess the taxpayers based on turnover:
Who
|
Evaluated
by
|
90% of
Assesses with annual turnover of 15 million or less
|
States
|
Remaining
10% of Assesses with annual turnover of 15 million or less
|
Center
|
Assesses
with annual turnover of more than15 million
|
Center and
state in 50:50 ratio
|
§ The
earlier date of April 1 for the launch of GST revised to July 1, 2017.
§ States
will also be cross-empowered for the implementation of IGST within 12 nautical
miles of territorial waters.
8th
GST Council Meeting
Date: Held on 3rd & 4th January 2017 Location: New Delhi
§ There
was no consensus on the issue of dual control between the center and state. The
state demanded to have sole control over small tax payers. The council must
achieve the cut off turnover for the bifurcation of assesses between the center
and state.
§ State
urged the council to increase the items under the state on which cess is
applicable to recover the revenue loss.
§ State
also demanded taxation right on sales made within 12 nautical miles.
§ Various
sectors from industry made representation to GST Council regarding
implementation of GST. Sectors like Banking, insurance, IT sought for a single
registration under center or state.
7th
GST Council Meeting
Date: Held on 22nd & 23rd December 2016 Location: New Delhi
§ The
agenda of the meeting was to build the consensus on the three legislation
namely: CGST, IGST and compensation law.
§ The
council reached consensus on the draft CGST and SGST legislation.
§ The
Finance Minister mentioned that the states shall get 100% compensation for the
revenue loss on the implementation of GST, to be paid in every two months.
§ The
issue of dual control will be resolved in the subsequent meeting.
6th
GST Council Meeting
Date: Held on 11th December 2016 Location: New Delhi
§ Target
date announced for the implementation of GST is 1st April 2017 and the last
date for its implementation will be 16 September 2017.
§ Finance
Minister assured that the next meeting would address the issue of dual control
and cross empowerment between the center and state.
§ The
two important decision on laws i.e. compensation and IGST will be taken in the
7th GST meeting.
§ Detailed
discussion on CGST and SGST model. Also, few clauses of model GST law to be
revamped.
5th
GST Council Meeting
Date: Held on 2nd & 3rd December 2016 Location: New Delhi
§ The
council discussed various issues like: cross empowerment between center and
state, Tax slabs for various categories of products, additional cess on demerit
goods.
§ There
was no conclusion drawn on the issues in this meeting.
4th
GST Council Meeting
Date: Held on 3rd & 4th November 2016 Location: New Delhi
§ Administrative
issues between the center and state as to how much control the center or state
will have on assessees registered under VAT, excise and service tax.
§ To
resolve this issue the council suggested two divisions i.e. Horizontal and
vertical.
§ Under
the Horizontal division, the assessees will be divided between center and state
in a ratio for 3 years.
§ In
the vertical division, the assessees will be divided based on the turnover
also, known as the cross empowerment.
3rd
GST Council Meeting
Date: Held on 18th & 19th October 2016 Location: New Delhi
§ 1st
April announced as the date for the roll out of GST, hence this meeting is
considered as an important one.
§ Rate
of GST is the most important agenda as the prices of products would depend on
it.
§ Discussion
on the compensation to states took place, where three proposals were discussed.
§ The
GST Bill has provision to compensate states in the first 5 years of the launch
of GST.
2nd
GST Council Meeting
Date: Held on 30th September 2016 Location: New Delhi
§ Total
6 issues have been finalized so far.
§ The
draft rules related to Registration, Return, Refund, Payment, Invoices and
Debit & Credit notes were given an approval.
§ Exemptions
to North-East states will be provided by way of refunds.
§ Decisions
to be made for specific exemptions on business entities, goods and services.
§ CBEC
will also bring a solution regarding the control on service tax payers, as in
the previous meeting it was decided that they would be under the jurisdiction
of Center but the state didn’t agree on this, as it will result in a huge
revenue loss for the state.
§ It
was decided to compensate states on the fixed growth rate of 14%
1st
GST Council Meeting
Date: Held on 22nd & 23rd September 2016 Location: New Delhi
§ The
first meeting was held with the determination to launch GST on 1st April 2017.
§ Rules
related to composition scheme, GST Rates and threshold limit were discussed.
§ It
was decided to charge 1-2% of GST from traders, having turnover of up to Rs 50
lakh annually.
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