Summary of 21st GST Council Meeting at a glance

meeting of gst councilThe 21st meeting of the Council which was held on Friday and Saturday will constitute a Standing Committee and State-level screening committees for National Anti-Profiteering Authority. About 160 delegates from States, including Ministers, and Central government officials were present at HICC meeting venue.

Here is a glimpse of the key calls taken in the meeting:

1) Due date of GSTR1 for July extended to October 10. Confirmed by FinMin Arun Jaitley.

New timetable is as follows:

– For registered persons with turnover in a state more than Rs. 100 crores, due date for GSTR-1 for July 2017 will be 03.10.2017

– For others, due date for GSTR – 1 July 2017 will be 10.10.2017

– GSTR-2 (for the month of July 2017) 31.10.2017

– GSTR-3 (for the month of July 2017) 10.11.2017

– GSTR-4 (for the quarter July-sep 2017) 18.10.2017

– GSTR-6 (for the month of July 2017) 13.10.2017

Time table for next month to be announced later on

2) TRAN – 1 extended by 1 month. Single revision option to be provided. 

3)GSTR 3B to be continued for 4 more months – Sept, Oct, Nov and Dec

4)Window for Composition option to be re-opened. Due date 30th Sept. 

5)Inter-ministerial panel to be formed to look at the technical issues around GST Network to address issues pertaining to uploading of the returns on GSTN 

6)Council widens the definition of ‘Brand’. If product carries a trademark which is registered on 15.5.2017 or even if unregistered but mark/name allows exclusivity on account of any reason. Rate for branded goods reduced to 5% from 12%. 

7)No registration for inter-state sale upto Rs. 20 lakhs for artisans, folk artists, tribal art and for specified job work. Khadi sold through KVIC stores exempted. 

8)Tax rates reviewed and reduced for 30 items. 

9)Review of tax rates after 6 months if healthy collection continues. 

10)GST on Works Contract for Govt reduced to 12%

11)No change in Cess on Car with engines less than 1200cc petrol or 1500cc diesel. Cess on Mid segement cars increased by 2%. Cess on Large cars increased by 5%. Cess on SUV increased by 7%. No change for Hybrid cars. 

12)Despite robust collection of GST (Rs. 95000 Crore), on account of unrealised IGST (Rs. 37000 Crore), State Govts are facing liquidity issues. 

13)Officer’s committee to be formed to look on embedded taxes in exports.

We will come back with detailed information soon. Stay tuned.

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