The threshold for composition scheme in GST hiked to Rs 1 crore & more – GST Council Meeting on 6th October,2017

meeting of gst council

The GST Council met today, i.e. 6th October, 2017. Some measures to ease the difficulties being faced by traders owing to Goods and Service Tax (GST) were expected to be announced after the GST Council’s meeting today.

Some key announcements made are highlighted below:

1.  The threshold for composition scheme in GST hiked from Rs 75 lakh to Rs 1 crore. 

2. The government need not be informed on the purchase of jewellery for over Rs 50,000. PAN card no longer mandatory for such purchases.

3. Quoting sources reported that the GST rate on some handicraft items may be cut to 5 percent from 12 percent.

4.SEBI has announced reforms for Mutual Funds.

5. CNBC-TV18, quoting sources, says the GST Council has decided to roll out the e-way bill from April.

6.Gas stoves get cheaper According to the CNBC TV18, GST rate for some items has been reduced from 28 percent. GST rate on gas stove and consumer articles have been brought out of the 28 percent bracket. 

7.Six months wait for e-Wallet facility to come up for exporters  e-Wallet for exporters will come into play in six months, CNBC TV18 reports.

8.Bills in AC restaurants to become cheaper AC restaurant tax rate revised to 12 percent from 28 percent GST Council member Mauvin Godinho tells CNBC TV18. 

9.SMEs earning up to Rs 1.5 crore annually to file quarterly returns SMEs with an annual turnover of up to Rs 1.5 crore allowed to file quarterly returns, reports CNBC TV18.This is a good move that will ease the compliance burden for small industrial units. Small industrial units need to be given special care since these entities lack the clout and financial muscle enjoyed by large corporations

10. Reverse charge procedures and regulations have been deferred till March 2018

11.GST on works contracts for government reduced to 5 percent from 12 percent.

Click here to download the Press Release 


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