E India CA

Professional Updates for Chartered Accountants


Decision taken at the 17th Meeting of GST Council held on 18th June, 2017

  1. 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.
  1. *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.

  1. 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. It  means matching for 1st two months of July & August will take place only after 5th/20th September respectively.
  1. 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%.

  1. Tax rate on Lotteries:

State-run lotteries will be taxed at 12% State authorised (Private) lotteries will be taxed at 18%

  1. 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
  • Tobacco


  1. *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.
  1. IGST rate of 5% on Ship with full ITC will be applicable.
  1. GST Council also approved anti-profiteering rule.
  1. New Registration in GST will be commenced from 25th June.
  1. GST Council shall meet again on 30th June

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