21 JULY 2018 – GST UPDATES – GST COUNCIL 28th MEETING
Re-opening of Migration window – A relief to defaulters
- Opening the migration window for taxpayers, who
received provisional IDs but could not complete the
- Approach the jurisdictional Central Tax/State Tax
nodal officers with the necessary details on or
before 31 August 2018
- The Decision to waive the late fee payable for
delayed filing of return in such cases
Multiple reliefs to following categories of services
- Agriculture, farming and food processing industry,
- Banking & IT Sector – Relief by exempting services
supplied by an establishment of a person in India to
any establishment of that person outside India
- Old Age Home – Exempt supply of services by an old
age home run by State / Central Govt or by a body
registered under 12AA of Income Tax Act to its
residents (aged 60 years or more) against
consideration up to Rs. 25,000/- p.m per member.
GST rate on Services – Reliefs
- Education Sector – GST on the supply of e-books
has been reduced from 18 to 5%.
- Hotel Industry – Rate of tax on accommodation
service shall be based on transaction value instead
of declared tariff
- Export of Goods – Extend the exemption granted on
outward transportation of all goods by air and set up
to 30th September 2019.
GST rate on Goods – Major Rate Cuts
- To Nil Rate: Stone/Marble/Wood Deities, Rakhi,
Sanitary Napkins, Coir pith compost etc.
- Paints and Lithium-ion batteries – 28% to 18%
- Home Appliances – Washing machine, Refrigerators,
Freezers, TVs up to 68cm, Vacuum cleaners, Mixer
grinders, Shavers & Hairdryers, Water cooler,
Storage water heaters, Electric iron – 28% to 18%
- 5% GST is being extended to footwear having a
retail sale price up to Rs. 1000 per pair
- Handicraft items – Specified items 18% to 12% and
12% to 5%
- Fortified milk exempted from GST
- Water supplied for public purposes (other than in
sealed containers) does not attract GST
- Refund of accumulated credit on account of inverted
duty structure to fabric manufacturers
Simplified GST Return
- Quarterly filing of return for the small taxpayers
having a turnover below Rs. 5 Cr as an optional
- It is similar to the main return with monthly payment
facility but for small traders making only B2C supply
or making B2B + B2C supply.
- Returns are called Sahaj and Sugam.
Information required to be filled lesser than that in
the regular return.