10 Important decisions taken by the GST council in today’s meeting you must know

The government on 9^th September 2017 has come up with some strong decisions that every person should know. These decisions shall have a far reaching impact for all the taxpayers.  Some of the decisions are taken due to practical problems faced by the taxpayers.

Let us not waste time and discuss all 10 important decisions taken by the GST Council:

1. Due date for GSTR 1 extended 

The due date for GSTR 1 filing has been extended to 10^th October 2017 from the existing 10^th September 2017. However for a registered person with an aggregate turnover of more than Rs.100 crores, the due date for filing is 3^rd October 2017.

2. Due date for GSTR 2 and 3

The government has also decided to extend the due dates for GSTR 2 and 3 as follows:

3. GST TRANS 1 Revision

The government has also allowed the one-time revision of GST TRANS 1 and also extended the filing due date to 31^st October 2017.

4. GST – 3B to continue till December

The government has also decided to continue the filing of GSTR – 3B till December 2017.

5. Avail composition scheme till 30^th September

For those who could not avail the composition scheme can avail the scheme till 30^th September 2017 and such person can avail the benefit of composition scheme with effect from 1^st October 2017.

6. Special exemption to Handicraft

The government has decided to allow the handicraft business to enjoy the threshold exemption for registration even in case of interstate supplies if the total turnover is within 20 lakh limit. Further goods can move under the cover of e-way bill, irrespective of the value of the consignment.

7. Special exemption to Job worker

The government has decided to allow the to exempt job worker from obtaining registration who are making interstate taxable supplies of Job work service to a registered person as long as goods move under the cover of an e-way bill, irrespective of the consignment value.

8. Requirement of TDS and TCS 

The registration requirement for person liable for deducting TDS and TCS will commence from 18^th September 2017.

9. Setting up committee

The government has decided to set up a committee consisting of officers from both center and state under the chairmanship of the revenue secretary to examine related to exports.

10. Group of ministers to examine issues 

The GST Council has also decided to constitute a group of ministers to monitor and resolve the IT challenges faced during the GST implementation.

Conclusion

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