Recommendations made by the GST Council in the 23rd meeting at Guwahati on 10th November, 2017

Recommendations made by the GST Council in the 23rd meeting at Guwahati on 10th November, 2017

1) 177 items moved from 28 to 18% GST bracket, 13 items to 12% from 18%,  6 items from 18% to 5%, 8 items from 12% to 5%, 6 items from 5% to 0% basket

2) No input tax credit to restaurants, All AC and non-AC restaurants will now attract 5 per cent .

3) Hotels with room rent of Rs 7,500 and above will attract 18% tax.

*New GST rates will come into effect from November 15.

4) Penalty on late filing reduced to Rs 20 (for nil return)/Rs 50 per day(for others) from Rs. 200 per day.

5) Invoices for Nov, 2017 to be filed by Jan 10, 2018, for Dec, 2017 to be filed by Feb 10, 2018 &  for Jan 2018 to be filed by March 10, 2018.

6) Composition scheme threshold has been increased to Rs 1.5 crore which require amendment of law. The cap on the scheme will be increased to Rs 2 crore. uniform rate of one per cent on both traders and manufacturers.

7) In the current year, all taxpayers will have to file only GSTR-1.

8) Taxpayers with annual aggregate turnover uptoRs. 1.5 croreneed to file GSTR-1 on quarterly basis as per following frequency:

Jul-Sep'17 : 31.12.17

Oct-Dec'17 : 15.02.18

Jan-Mar'17 : 30.04.18

Article on ET :  

https://economictimes.indiatimes.com/news/economy/policy/gst-rates-slashed-on-many-items-heres-the-revised-rates-and-the-latest-announcements/articleshow/61596210.cms

Press Release : 

http://pib.nic.in/newsite/PrintRelease.aspx?relid=173403