Highlights of the GST Councils meeting held on 11 June 2017
- The GST Council has approved the Accounts and Records Rule and Formats in its meeting held Yesterday.
- The Council also approved the GST Registration Rules in its meeting.
- Rates for certain Goods were revised from the rates decided in the last meeting- List of Revised rates of goods can be accessed here.
- IGST Exemption under GST were revised for:
I. Bilateral Commitments – Imports under Agreement between India and Pakistan / Bangladesh
for regulation of Bus Service.
II. Technical Exemptions for Temporary import/Re-Import
List of revised IGST Exemptions under GST can be accessed here
- Decisions in regard to Services taken by the GST Council in the 16th meeting.
1. In the list of service tax exemptions to be continued in GST as approved by the GST
Council, after S.No. 83, the following shall be inserted – (read the notification)
2. In the schedule of GST Rates for Services as approved by the GST Council, after S.No. 13,
the following shall be inserted – (read the notification)
3. Exemption from registration under section 23(2) of the CGST Act 2017 of –
1. Individual advocates (including senior advocates)
2. Individual sponsorship service providers (including players)
- Threshold Limit For Composition Levy was also revised in the meeting.
the text from the notification is as follows:-
REVISED THRESHOLD LIMIT FOR COMPOSITION LEVY
[As per discussions in the 16th GST Council Meeting held on 11th June, 2017]
Sub section (1) of section 10 read with sub-section (2) of the same section of the Central Goods and Services Tax Act, 2017 [CGST Act] provides that an eligible registered person, whose aggregate turnover in the preceding financial year did not exceed Rs.50 lakh, may opt to pay, in lieu of the tax payable by him, an amount calculated at the rate of:
1. 1% of turnover in State or turnover in Union Territory in case of a manufacturer;
2. 2.5% of turnover in State or turnover in Union Territory in case of persons engaged in making
supplies referred to in Paragraph 6(b) of Schedule II to the CGST Act; and
3. 0.5% of turnover in State or turnover in Union Territory in case of other suppliers.
2. The said sub-section also provides that the said limit may be increased upto Rs.1 crore on the recommendations of the GST Council.
3. The GST Council, in its meeting held on 11th June, 2017, has recommended increase in the aforesaid turnover limit for Composition Levy for CGST and SGST purposes from Rs.50 lakh to Rs.75 lakh in respect of all eligible registered persons, referred to in the aforesaid subsection. However, whether the same increased turnover limit for Composition levy will apply in case of Special Category States or not will be decided in the next GST Council meeting.
Revised Threshold Limit For Composition Levy can be accessed here
