Current Affairs

23rd GST Council Meeting Highlights

23rd GST Council meeting was held in Guwahati, Assam in which the council decided to slash tax rate on a wide range of mass use items
.

  • Nearly about 178 items have been put into lower tax category of 18 percent out of 228 items in 28 pc tax bracket previously.

Highlights of the meeting

  • Revenue Secretary Hasmuksh Adhia proposed to cut the fine for late filing from Rs. 200 to Rs. 20 per day for nil liability tax filers.
  • 18 percent tax with input tax credit will be charged from starred-hotels Restaurants 
  • Restaurants in lower category will be charged 5 percent GST without ITC
  • 5% uniform tax on all AC or non-AC restaurants
  • No input credit for restaurant industry
  • Detergent, marble floorings, toiletries among items shifted to 18 percent tax bracket
  • 178 items moved from 28 per cent to 18 per cent GST slab
  • The GST Council decided that taxpayers with annual aggregate turnover up to Rs. 1.5 crore need to file GSTR-1 on quarterly basis
  • Taxpayers with a turnover of above Rs. 1.5 crore need to file GSTR-1 on monthly basis.
  • The turnover threshold for composition scheme, under which businesses can pay taxes at a nominal rate, has been hiked to Rs 1 crore, from Rs 75 lakh earlier. 
23rd GST Council Meeting Highlights 23rd GST Council Meeting Highlights Reviewed by insiya yadav on November 11, 2017 Rating: 5

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