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Sunday, 12 November 2017

GST Reboot In-Depth analysis of 23rd GST council meeting

Relief in GSTR compliance
All businesses to file GSTR-1 and GSTR-3B till March 2018
GSTR-2 and GSTR-3 filing dates for July 2017 to March 2018 will be worked out later by a Committee of Officers
GSTR 4 due date for July to September extended to 24th December 2017
Turnover under Rs 1.5 Cr to file quarterly GSTR-1
Turnover above Rs 1.5 Cr to file monthly GSTR-1
Changes in Composition Scheme
Composition scheme limit to be increased to Rs 1.5 crore (can be extended to Rs 2 crore later)
1 % GST rate for manufacturers & traders
Composition tax of 1% on turnover of taxable goods (turnover of exempted goods to be excluded)
Composition Returns, GSTR-4 due date extended to 24th December
Those supplying goods and services (services not exceeding Rs 5 lakhs in total) eligible for compositions scheme
Composition dealers cannot make inter-state sales. Input tax benefit not allowed.
Relief for service providers
All service providers with turnover up to Rs 20 lakhs exempt from GST registration. Including those who supply inter-state or supply through e-commerce operator, such service providers do not have to register.
Changes in GST Rates W.e.f. 15th Nov 2017
Only 5% GST (instead of 12% & 18%) on food bills in restaurants 🍕
Reduced from 28% to 18% - Shampoo, Perfume, tiles, watches ⌚️
Reduced from 28% to 12% - Wet grinders, tanks
Reduced from 18% to 12% - condensed milk, refined sugar, diabetic food
Reduced from 12% to 5% - desiccated coconut, idli dosa batter, coir products 🍚
Reduced from 5% to nil - guar meal, khandsari sugar, dried vegetables
Restaurants within hotels (room tariff <7,500- 5% without ITC
Restaurants within hotels (room tariff >7,500 ) still 18% with ITC
1 % composition rate for manufacturers & traders
Outdoor catering 18% with ITC
Late Fees reduced
           For delayed filing of NIL returns, late fee reduced from Rs 200 per day to Rs 20 per day

For Expert Assistance in GST Advisory, Filing, Training, Invoicing, Accounting call us at 9900397777 mail us at


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