In this video we have shared the major changes done by the GST Council in its 25th meeting held in New Delhi
1. Rates of 29 goods, 53 services revised.
2. The changes will be effective from January 25; 15 states to start intra-state e-way bill from February 1, 2018
3. GST Council cuts rates on sugar boiled confectionery to 12% from 18% earlier.
4. GST Council cuts tax rate on bio-diesel to 12% from 18% earlier.
5. GST Council cuts tax rate on drinking water packed In 20 litres bottles to 12% from18%.
6. Rice Bran will now attract 0% tax rom 5% earlier.
7. Motor vehicle will now attract 18% tax from earlier 28%
8. Discussion on including real estate and petroleum under GST
not taken up today; likely to be discussed in the next meet
9. 15 states ready to implement intra-state e-way bill from February 1, 2018. Inter-state e-way bills have to be filed from February 1, penalty if not
10. Next meeting of GST Council will approve a simpler GST return filing process
11. 3B Return Filing will continue.
12. 29 handicrafts have been brought under the 0 per cent GST rate category. While tax rate on other handicrafts have been reduced.
13. Council may also take up compliance issue and could come up with a single stage return filing to smoothen the tax filing procedures for small and medium enterprises. After the introduction of single form filing, the traders/firms will have to file just 12, one each month. Currently, there are three return forms: GSTR1, GSTR2 and GSTR3 that taxpayers file every month.
14. Composition scheme was seriously discussed in the GST Council meet. Most of the applicants for composition scheme have declared their turnover under Rs 20 lakh, so there seems to be cases of under-declaration as far as composition scheme is concerned. Out of 17 lakh dealers who have registered for 1 per cent tax rate under the composition scheme, only 307 crore have been collected. These findings will be factored in when the CGST, SGST, IGST Acts are amended.
15. Diamond and precious stones :- 3% to .25% reduced.
