10 Key Points of 17th Meeting of GST Council on 18.06.2017

By | June 19, 2017
(Last Updated On: June 19, 2017)

17th Meeting of GST Council

Key take-outs from the 17th Meeting of GST Council held on 18th July

1. GST from 1st July 2017 : GST Council categorically decided to implement GST from 1st July. There will be a special launch of GST in Delhi on the mid-night of 30th June and 1st July.

2. Relaxation in Return filing time-line for first 2 months:
A summary return 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. Read  Press Release on GST Return filing for July & Aug 2017 relaxed by Govt 18.06.2017

3.Deferred Filing  of GST return for July and Aug 2017 : 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.

4. Reduced 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%. [ Read 17 th GST Council Meeting Decisions on 18.06.2017 – Composition Levy and GST Rate on Certian Goods ]

5. Tax rate on Lotteries 
State-run lotteries will be taxed at 12%
Private lotteries will be taxed at 18%

Read GST Services – 17 th GST Council Meeting Decisions on 18.06.2017

6. 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

7. E-way bill Deferred :  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. Read Result of GST Council 17th meeting 18.06.2017 – Press Conference by Arun Jaitley

8. IGST Rate on Ship: IGST rate of 5% on Ship with full ITC will be applicable.

9. Anti-profiteering rule : GST Council also approved anti-profiteering rule.

10. New Registration : New Registration in GST will be commenced from 25th June.

Read GST Council Meeting Dates and Updates

Leave a Reply

Your email address will not be published.