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28TH GST COUNCIL MEETING HIGHLIGHTS MAJOR GST CHANGES GST COUNCIL ON ITS MEETING ON 21ST JULY 2018 TAKEN MAJOR DECISIONS ABOUT CHANGES IN GST. BREIF HIGHLIGHTS OF 28TH GST COUNCIL MEETING ARE:
Key Tax Rate Changes
Exempt from GST:
• Sanitary pads
• Deities made of stone, marble or wood
• Raakhis, without any precious metals
• Raw material used in brooms
• Commemorative coins circulated by the RBI or government
• Saal leaves
• Fortified milk
From 12 percent to 5 percent:
• Handloom dari
• Fertiliser grade phosphoric acid
From 28 percent to 18 percent:
• Lithium-ion batteries
• Vaccum cleaners
• Food grinders, mixers
• Shavers, hair clippers
• Storage water heaters
• Electric smoothing irons
• Water cooler
• Ice cream freezer
• Refrigerators
• Hand dryes
• Cosmetics
• Perfumes
• Scents
• Paint
• Varnishes
Other changes:
• GST on ethanol sold to oil companies for blending with petrol and diesel reduced to 5 percent from 18 percent earlier
• GST on imported urea reduced to 5 percent
• GST on E-books reduced to 5 percent from 18 percent
• GST for hotels to be charged on the actual price that the
Simplified Filings
Taxpayers with turnover up to Rs 5 crore will now find it easier to file returns. While they will continue to pay GST monthly, they will only file returns once a quarter.
93 percent of taxpayers will file GST returns quarterly, Goyal said.
SPECIAL CATEGORY STATES RELATED CHANGES
Exemption limit for traders in Assam, Arunachal Pradesh, Himachal Pradesh, Himalaya, Sikkim, increased from Rs 10 lakh to 20 lakh: Finance Minister Piyush Exemption limit for traders in Assam, Arunachal Pradesh, Himachal Pradesh, Himalaya, Sikkim, increased from Rs 10 lakh to 20 lakh: Finance Minister Piyush Goyal
Turnover Threshold For Composition Scheme Increased
The GST council has approved increasing the turnover threshold for the composition scheme to Rs 1.5 crore from Rs 1 crore, according to press release from the Bihar government. Composition dealers will continue to pay monthly GST, but will need to file returns only once in a quarter.
The release also said that the Council simplified tax return form for the tax payers with a turnover of more than Rs 1.5 crore. The simplified form will not be of more than two pages.
Next Meet On August 4 2018
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This video is merely a general guide meant for learning purposes only. All the instructions, references, content or documents are for educational purposes only and do not constitute a legal advice. We do not accept any liabilities whatsoever for any losses caused directly or indirectly by the use/reliance of any information contained in this video or for any conclusion of the information. Prior to acting upon this video, you're suggested to seek the advice of your financial, legal, tax or professional advisors as to the risks involved may be obtained and necessary due diligence, etc. may be done at your end.
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