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GST changes and Update from GST council meet good news for small traders and exporters

DECISION TAKEN IN 22ND GST COUNCIL MEETING:

1. Composition Scheme Limit enhanced to Rs. 1.00 Cr with 1% Tax for Traders, 2% for Manufactures & 5% for Restaurant : This was earlier Rs.75 Lakh
2. Filing of Returns upto Turnover of Rs. 1.50 Cr – Quarterly (Non Composition Assessee)
3. Refund to Exporters – To be Started from 10.10.2017 for July Month & 18.10.2017 for August Month manually
4. From now On wards Refund will be granted immediately after filing the Return to the Exporters
5. Postponement of RCM till Dt. 31.03.2018
6. E way Bill implementation postponed till April 2018
7. PAN not needed for Jewellery below Rs. 2.00 Lacs
8. 5 Member Committee to be Constituted for review of Rate of GST for Restaurant & Inter State Sales Transaction for Composition Assesses and Exclusion of Exempted Goods from Total Turnover and ITC to Manufacturers opting Composition Scheme
9. E-Wallet Facility to Exporters from April 2018
10. Advance Licence Holder, 100% EOU, & EPCG Holder can export @ 0.1% till 31.03.2018
11. Exemption from Inter State Service from RCM if Service Provider is having below 20.00 Lacs Turnover
12. TDS / TCS postponed till April 2018
13. Rate of GST changed for 32 Items
14. Man Made Yarn to be Taxed at 12% in stead of 18%
15. Services Job Work of Jari from 12% to 5%
16. Printing Job work 5%
17. Govt. Contracts involving High Element of Labour @5%
18. Leasing of Vehicle abatement of 65% which are contracted before 01.07.2017

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