Quarterly returns, eWayBill applicability, composition scheme, rate cuts and lots more: All you need to know from GST Council Meeting

Goods and Services Tax Council (GST Council) headed by FM Arun Jaitley met today for 22nd time at Vigyan Bhavan in Delhi. The main agenda of today’s meeting is to rethink on the process of businesses and changes that need to be brought about based upon the learnings of the government and the feedback it has received in the three months since GST launch.

In order to streamline problems faced by taxpayers across nation, Council has take following decisions:

1. Increase in Composition Threshold To Rs 1 Cr From Rs 75 Lakh

2. Allows Quarterly Returns To Traders Having Turnover Upto Rs 1.5 cr

3. Reverse charge mechanism deferred till 31 Mar 2018

4. Kerala FM Thomas Isaaq says will develop & introduce the e-wallet gateway after a 6 month period

5. Govt revokes GST notification on gems and jewelry, separate notification to be issued separately after due consideration

6. E- Way bill to be rolled out from April, 2018

7. Kerala FM says in principle GST Council decides to bring down rate for AC restaurants to 12 percent; Govt to decide mechanism

8. J&K FM says “relief” has been provided wrt car leasing issue

9. GST on works contracts reduced to 5%

10. Relief for jewellers as no need to furnish PAN card on jewellery purchase of more than Rs 50,000

11. Tax rates reduced for more than 60 items

Next GST Council scheduled for November 10 in Assam.