Current Affairs

GST Council Meet Highlights: 27 Items Reviewed

To provide some relief to thousands of small firms, GST Council chaired by Finance Minister Arun
Jaitley reviewed the text-slabs for more than 25 items.

GST Council Meet Highlights: 27 Items Reviewed

  • Small businesses would be allowed to file tax returns once a quarter instead of monthly returns.

Other Important Decisions 

  • GST rate on some stationery items, diesel engine parts reduced to 18% from 28%
  • GST on unbranded ayurvedic medicines to reduced from 12% to 5%
  • Khakra and chapati have been brought down from 12% to 5%.
  • SMEs with Rs 1 crore turnover can file quarterly returns
  • The limit for turnover in compensation scheme raised from Rs 75 lakh to Rs 1 crore
  • Any person buying jewellery above Rs 50,000 will not be required to submit PAN or Aadhar Card details
  • Hasmukh Adhia committee is formed to present a report on the issues faced by exporters is likely to submit its preliminary report to the Council on Friday.
GST Council Meet Highlights: 27 Items Reviewed GST Council Meet Highlights: 27 Items Reviewed Reviewed by insiya yadav on October 09, 2017 Rating: 5

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