Highlights of decision taken in 25th GST Council Meeting.
▶ Inter-state e-waybill to be operational from 1st Feb 2018. 15 states also ready for implementation of e-waybill for intra-state movement. Intra-state e-waybill to be implemented from 1st June, 2018
▶ Low revenue collection a cause of concern; focus on anti-evasion measures
▶ GST exempted on 29 handicraft items
▶ Rate reduced/rationalized for 53 services
▶ New rate to be effective from 25th January, 2018
▶ Return simplification discussed but not finalized; GSTR 3B with supplier invoice details being considered for simplification purposes
▶ Inclusion of petroleum products & real estate into GST net to be discussed in next council meeting
▶ Low collection under Composition Scheme a cause of concern; re-introduction of RCM mechanism for composition dealer being considere
▶ Late fees for failure to furnish form GSTR1/5/5A/6 reduced to Rs 50/day & Rs 20/day for nil return filers.
▶ Time bar of 1 year for cancellation of registration by voluntarily registered person removed
▶ Further 3 months extension till 31-03-2018 granted for filing Form GST REG-29
▶ GST rate reduced on diamond and other precious stones to 0.25% from 3%.
▶ Residential welfare association exemption limit raised to Rs 7500pm from Rs 5000pm
▶ GST rate on tailoring services reduced to 5% from 18%.
▶ No decision on real-estate, will be take up in next meet.
▶ GST rates have also been reduce in few agricultural products.
▶ The GST Council also discusse how buyers should upload purchases invoices, and the sellers should upload sale invoices.
▶ Rs 35,000 crore of Integrated GST will be provisionally divide between the Centre and states.
▶ Rates revised for 29 goods, 53 services categories.