Decision taken at the 17th Meeting of GST Council held on 18th June, 2017
- GST Council categorically decided to implement GST from 1st July. There will be a special launch of GST at Vigyan Bhawan, New Delhi on the mid-night of 30th June and 1st July ( as already shared by me few days back, now officially announced by FM). *Now it’s certain that roll out date of #GST won’t be postponed from 1st July* but necessary relaxation in rules will be given as and when required.
- *Relaxation in Return filing time-line for first 2 months:*
A summary return (single page) form in GSTR-3B will required to be filed on self-declaration basis for first 2 month i.e. July and August by 20th day of next month. I.e. for the month of July, a summary return needs to be filed by 20th August after paying appropriate taxes, and for the month of August, the same needs to filed by 20th September.
- GSTR-1 with invoice level details needs to be filed for the month of July by 5th September, and for the month of August by 20th September. GSTR-2 and GSTR-3 for these 2 months will be filed thereafter. ItÂ means matching for 1st two months of July & August will take place only after 5th/20th September respectively.
- Relaxation in tax rate for hotels with tariff between 5000-7500:
Reduced tax rate of 18% will apply on the hotels with tariff between Rs. 5000 to Rs. 7500. Restaurants in these hotels will also be taxable at 18%. Earlier it was proposed to be taxed @28%.
- Tax rate on Lotteries:
State-run lotteries will be taxed at 12% State authorised (Private) lotteries will be taxed at 18%
- Negative List of Composition Scheme:
Only 3 products have been added in negative list of Composition Scheme, which means for following 3 products composition scheme will not be available.
- Ice cream
- Pan masala
- *E-way bill will be deferred and will be implemented later on once the rules for same will finalized*. Till that time, an alternate e-way bill will be introduced to allow the state with their current system. It means current system of way bill will continue till GST E-way bill is approved and implemented.
- IGST rate of 5% on Ship with full ITC will be applicable.
- GST Council also approved anti-profiteering rule.
- New Registration in GST will be commenced from 25th June.
- GST Council shall meet again on 30th June