*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.