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Decisions are taken in 23rd GST Council meeting held at Guwahati, Assam on 10/11/2017
In the 23rd GST Council Meeting, the council members have come up with the decisions related to extensions of GST returns due dates, rationalization of the GST Rates, ITC eligibility criteria, Notifications and exemption relating to Composition Scheme under GST and much more. This article is describing GST Council 23rd Meeting.
GSTR 3B is the simple return which includes details of sales and purchases for the respective month. As per the 22nd GST Council meeting, it was announced that GSTR 3B must be filed by all the registered taxpayers until December 2017.
However, as per the 23rd GST Council meeting held it is announced that GSTR 3B must be from July 2017 to March 2018 on monthly basis before 20th of every month
Until March 2018 GSTR 1 is to be filed by the following due dates monthly:
Entities registered under GST and having a turnover of less than Rs. 1.5 crore is given an option to file quarterly returns on following due dates:
The requirement of filing GSTR 2 return and GSTR 3 has been suspended until further notice received from the government. However, it is mandatory to file GSTR 1 as per the schedule provided above.
The government has waived the late filing penalty for GSTR 3B for the month of July, August and September 2017. In case any taxpayer hah already paid the penalty, the penalty would be credited to the electronic cash ledger.
In addition to the waiver of GST Return Penalty, the government has also announced a reduction in GST Return penalty for NIL GST Return. From October 2017 onwards the GST return penalty for not filing NIL GST return has been reduced to Rs.20 per day instead of Rs.200 per day.
GSTR 6 has to be filed by input service distributor which was originally due on 13th of every month. This has now extended until 31st December 2017
The due date for filing GST TRAN-1 has now been extended until 31st December 2017. Any registered taxpayer who has filed GST TRAN-1 can also now revise their return until 31st December 2017.
The due date for filing GST ITC-04 for the July to September 2017 quarter has now been extended until 31st December 2017.
1. In GST Council Meeting, rates for 178 items have been reduced from 28% to 18%. GST Rate has reduced from 28% to 18% as per the list below:
– Wire and insulated conductors which also includes electrical insulators, electrical plugs, switches, sockets, cables, fuses, relays, electrical connectors.
– Electrical boards, panels, consoles, cabinets etc for electric control or distribution.
– fiber boards and plywood.
– The article of the wood, wooden frame, paving block.
– Sanitary ware and parts thereof of all kind
– Slabs of marbles and granite
– Marble, Granite, and tiles
– Ceramic tiles of all kinds
– Fans, pumps, compressors
– Lamp and light fitting
– Door, windows, and frames of aluminium.
– Plaster articles such as board, sheet
– Articles of cement or concrete or stone and artificial stone
– Articles of asphalt or slate
– Articles of mica
– Floors made of ceramic, pipes, conduit, pipe fitting Wallpaper and wall covering
– The glass of all kinds and articles thereof such as a mirror, safety glass, sheets, glassware
– Furniture, mattress, bedding and similar furnishing
– Miscellaneous articles such as vacuum flasks, lighters
– Trunk, suitcase, vanity cases, briefcases, travel bags and other handbags, cases
– cutlery, stoves, cookers and similar non-electric domestic appliances
– All musical instruments and their parts
– Artificial flowers, foliage, and artificial fruits
– Office or desk equipment
– Fire extinguishers and fire extinguishing charge
– exercise equipment, festival, and carnival equipment, swings, shooting galleries, roundabouts, gymnastic and athletic equipment
– Detergents, washing and cleaning preparations
– Liquid or cream for washing the skin
– Cosmetic items such as Shampoos, Hair Cream, Hair dyes (natural, herbal or synthetic) and similar other goods; henna powder or paste, not mixed with any other ingredient;
– Shaving or after-shave preparations, personal deodorants, bath preparations, perfumery, cosmetic or toilet preparations, room deodorizers
– Perfumes and toilet waters
– Beauty or make-up preparations
– Razor and razor blades
– Primary cell and primary batteries
– Multi-functional printers, cartridges
– Electrical, electronic weighing machinery
– Electrical gadgets for radio and television broadcasting
– Sound recording or reproducing apparatus
– Signalling, safety or traffic control equipment for transports
– Goggles, binoculars, telescope
– Cinematographic cameras and projectors, the image projector
– Microscope, specified laboratory equipment, specified scientific equipment such as for meteorology, hydrology, oceanography, geology
– Wristwatches, clocks, watch movement, watch cases, straps, parts
– The article of apparel & clothing accessories of leather, guts, furskin, artificial fur and other articles such as saddlery and harness for any animal
– Forklifts, lifting and handling equipment
– Bulldozers, excavators, loaders, road rollers
– Earthmoving and leveling machinery
– Escalators, Cooling towers, pressure vessels, reactors
– Crankshaft for a sewing machine, tailor’s dummies, bearing housings, gears, and gearing; ball or roller screws; gaskets
– Explosive, anti-knocking preparation, fireworks
– Rubber tubes and miscellaneous articles of rubber
– Solvent, thinners, hydraulic fluids, anti-freezing preparation
– Cocoa butter, fat, oil powder,
– concentrates of coffee, miscellaneous food preparations
– Chocolates, Chewing gum/bubble gum
– food preparations of flour, groats, meal, starch or malt extract
– Waffles and wafers coated with chocolate or containing chocolate
2) Food parcels or takeaways will also attract GST @ 5% without ITC. This will enable free home delivery facility and eating at restaurants will become cheaper
(i) Software: GST Rate @ 18%
(ii) other than software: GST @ 12%
Another major change introduced in the GST Council Meeting was in reference to the Composition Scheme features. Following are the changes incorporated in the scheme:
There are certain changes in IGST as follows:
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