Highlights of 15th GST Council Meeting dated 3rd June 2017

Looking for the updates of the 15th GST Council Meeting? Here are the most important ones- 

The 15th GST Council Meeting was held on 3rd June,2017. It was chaired by Finance Minister Arun Jaitely. The Council addressed on almost all the aspects for implementing GST nationwide no later than July 1, 2017. The Council decided tax rates on essential items such as textiles, gold, bidis, solar panels, packaged food, biscuits and footwear among others. Except for West Bengal all the other states have agreed to roll out timeline to be July 1, 2017.

The GST Council have decided to amend the transition rules allowing traders and retailers to make claims of 60% against the CGST or SGST dues where the tax rate exceeds 18%. It will be retained at 40% for tax rate below 18%.

The GST Council also approved the draft transition laws that will help switchover to the new tax regime. According to the new decided draft law, once GST is implemented, a company can claim credit of upto 40% of their Central GST (CGST) dues for excise duty paid on stock held by businesses prior to the roll out.

For goods costing above INR 25,000 bears a brand name of the manufacturer and are serially numbered like TV, fridge or car chassis the government will refund 100% excise duty For transition stock.

While there would be 0% GST rate on Silk, jute, All other Pooja Samagri, Indian National Flag. The GST rates on the other items would be as follows:

GST rates on other goods:

The GST Council also made changes in the formats of returns. Revised formats of returns to be filed under GST has been finalized. 

•  GSTP (Goods and Service Tax Practitioner) Formats:

• Mismatch Formats:

Results of Matching after filling of the Returns of September (to be filled by 20th October).

• GST Returns Formats:

The GST Committee also revised and Finalised the Rules for Returns for the following cases:

1. Form and manner of furnishing details of Outward Supplies.
2. Form and manner of furnishing details of Inward Supplies.
3. Form and manner of submission of monthly Return
4. Form and manner of submission of quarterly return by the Composition Supplier.
5. Form and manner of submission of return by Non-Resident Taxable Person.
6. 5A. Form and manner of submission of return by persons providing online information and database access or retrieval services.
7. Form and manner of submission of return by an Input Service Distributor.
8. Form and manner of submission of return by a person required to Deduct Tax at source.
9. Form and manner of submission of statement of supplies through an E-Commerce Operator.
10. Notice to Non-filers of Returns.
11. Matching of claim of Input Tax Credit
12. Final acceptance of input tax credit and communication thereof
13. Communication and rectification of discrepancy in claim of input tax credit and reversal of claim of Input Tax Credit.
14. Claim of Input Tax Credit on the same invoice more than once.
15. Matching of claim of reduction in the output tax liability.
16. Final acceptance of reduction in output tax liability and communication thereof.
17. Communication and rectification of discrepancy in reduction in output tax liability and reversal of claim of reduction.
18. Claim of reduction in output tax liability more than once.
19. Refund of interest paid on Reclaim of Reversals
20. Communication and rectification of discrepancy in details furnished by the E-Commerce operator and the supplier.
21. Annual Return.
22. Final Return.
23. Details of inward supplies of persons having Unique Identity Number.
24. Provisions relating to a Goods and Services Tax Practitioner.
25. Conditions for Purposes of Appearance.

Further, GST Council will set up a committee to look into complaints regarding anti-profiteering clause.  The committee shall have the power to act upon receipt of a written application that a registered person has not passed on the reduction in tax rate or Input Tax Credit (ITC) benefit to the recipient. The Draft Rules would be uploaded in the public domain and after taking the feedback, the Council will consider it for final approval.

It is strongly believed that the implementation of GST will bring in a new andd positive change to our Indian Economy.The next Council meeting will be held on 11th June,2017.

Hope this article was helpful. Refer to the topics discussed in the 16th GST council meeting.

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