GDT UPDATE


*BIG Relief & Decision* Taken at 2 Days 23rd GST Council Meeting concluded on 10 NOV 2017 at Guwahati:

# 178 items have been moved from 28% to 18% bracket w.e.f.15 NOV 2017. Items from construction such as marble, flooring will be included in the 18% tax slab. Only 50 goods will stay in the highest slab of 28%.
# 6 items have been moved from 18% bracket to 5% bracket w.e.f. 15 NOV 2017.
# 8 items have been moved from 12% bracket to 5% bracket w.e.f. 15 NOV 2017.
# 6 items have been moved from 5% bracket to NIL bracket w.e.f. 15 NOV 2017.
# GST on wet grinders, armoured vehicles reduced from 28% to 12%.
# All restaurants (AC & non-AC) will come under the 5% tax bracket, without Input Tax Credit (ITC).
# Hotels with tariffs over Rs 7,500/night would be taxed at 18% as per the current norms. Other items like outdoor catering will get a levy of 18%.
# Composition Fee for Manufacturers & Traders made uniform at 1%. Restaurants to be continued at 5% under Composition or 5% GST as it chose.
# The threshold for Composition Limit has been increased to Rs.2 Crores including exempt supplies. 1% Fee to be levied only on taxable supplies and not exempt supplies.
# GSTR-3B to be continued to be filed till 31 March 2018.
# All taxpayers to file only GSTR-1 in the year 2017-18. The Council may have to take another look at forms for GSTR 1, GSTR 2 & GSTR 3 going forward.
# Date of filing of GSTR-04 (Composition Dealer) for the m/o July, 2017 has been extended to 24 DEC 2017.
# Date of filing of TRAN-1 has been extended to 31 DEC 2017.
# Returns filing process to be made simpler by making it interactive.
# Late filing penalty for 'Nil returns' cut to Rs.20/day from Rs.200/day.
# Late filing penalty without ‘Nil Returns’ cut Rs.50/day from Rs.200/day.
# Taxpayers with turnover less than Rs.1 crore should file invoices every quarter. Taxpayers with turnover above Rs.1 cr should file invoices every month.
 
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