Looking for the updates of the 14th GST Council Meeting? Here are the most important ones-
The 14th Goods and Services Tax (GST) Council Meeting, chaired by the Union Minister of Finance Shri Arun Jaitley, was held at Srinagar, Jammu and Kashmir on 18th may 2017. On day 1 of the said council meeting following are the main and important decisions were made.
Approval given to 7 sets of drafts: The GST Council has given its approval to 7 sets of Draft Rules dealing with Registration, Payment, Refund, Invoice, Debit & Credit Note, Input Tax Credit,Valuation and Composition.
While two Draft GST rules on Transition provisions and Returns have been sent for legal vetting.
Approval to GST tax rates for certain goods and tax fitment of remaining items and services would be decided on the 2nd day of the meeting: The GST Council has approved the GST rates for 1205 items of goods out of 1211 items at nil rate, 5%, 12%, 18% and 28% to be levied on certain goods, with essential items of daily use being kept in the lowest bracket of 5%. A decision on the tax rate for remaining 6 categories of items, including Gold, Bidis, Textile, Footwear, Agricultural implements and Packaged/Branded food items, along with tax fitment for categories of services was kept in abeyance and was supposed to be taken up for discussion on the 2nd day of 14th GST council meeting.
GST Rate Schedule for goods will be subject to further vetting during which the list may undergo some changes though it has been uploaded immediately after the GST Council’s decision.
The Council had broadly approved the rates of GST Compensation Cess to be levied on certain goods such as Pan Masala, Aerated water, Tobacco and Tobacco Product, Cigarettes, Motor Vehicles etc.
The list of services that will be under reverse charge had been approved by the GST Council such as goods transport agency services, services by an individual advocate or firm of advocates by way of legal services, directly or indirectly, services by a director of a company or a body corporate, import of services, radio taxi or passenger transport services provided through electronic commerce operator etc.
In this regard Mr. Jaitley has commented that “Most of the work related to rollout of GST has been completed. Only a few things remain. In goods category, six categories are still to be decided. The residuary rules will be put up for public comments and they need to be approved. We will also be looking at the presentation of the state of preparedness of the GSTN.” All these series of events are going to enlighten the pave for rolling out of the biggest indirect tax reform from July 1, 2017.
Hope this article was helpful. Refer to the topics discussed in the 15th GST council meeting.
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