Decision taken in 22nd GST Council Meeting

Decision taken in 22nd GST Council Meeting

1.     GST Council allows SMEs with turnover of up to Rs 1.5 cr to file quarterly returns instead of monthly filings.

2.     Nominal 0.1% GST on exports

3.     For July exports, refund cheques will be processed by October 10 and for August exports, refund cheques will be processed by October 18

4.     There will be an e-wallet for each exporter and notional amount as advance refund will be given; will be initiated on 1 April 2018

5.     The e-wallet credit will allow for GST, IGST, etc, while actual refund will offset this

6.     The limit for turnover in compensation scheme raised from Rs 75 lakh to Rs 1 crore

7.     SMEs with Rs 1 crore turnover can file quarterly returns

8.     1% tax applicable on traders under composition scheme

9.     Any person providing exempted service are eligible for compensation scheme

10.  Revision in GST rates:

Items

Old rates

New rates

Sliced dried mangos, khakra and chapatti

12%

5%

Unbranded Namkeen

12%

5%

Unbranded Ayurvedic Medicine

12%

5%

Stones used for flooring

Other than marble and granite

28%

18%

Stationary items

28%

18%

Diesel engine parts

28%

18%

Petrol pump parts

28%

18%

Man Made yarn

18%

12%

Job Work

12%

5%

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