GST Council Meeting Update : 05th August 2017
►Work contracts under GST will be taxed at 12 per cent with input tax credit.
►GST Council agreed to reduce GST Rate on all kind of job works on textiles, embroidery to 5% from 18%
►E- Way Bills will be required for goods worth over ₹50,000. E-Way bill not required to be issued for exempted goods. Eway bill also not to be issued if goods are travelling within 10 km radius. Unified E-Way bill system will be rolled out from 01st October'2017. There will be no check posts and the whole process will be technology-driven with minimum human intervention.
►FM appeal to businesses to pass on input credit benefits to consumers.
►To set up state, centre screening panel on Anti-profiteering within 15 days.
►The next meeting of the GST Council will be held in Hyderabad on September 9.
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