Key Points of 15th GST Council Meeting on 03.06.2017
GST council had its 15th meeting, chaired by Finance Minister Arun Jaitley, at Srinagar, hammered out almost all the related aspects to implement nationwide, the biggest tax reform since independence i.e. Goods and Service Tax, at the scheduled date i.e. July 1, 2017, which aims to transform Asia’s third largest economy into a single market. The GST Council had last month fitted over 1200 goods and 500 services in the tax brackets of 5, 12, 8 and 28 percent.
Following are the highlights of the 15th GST Council Meeting held on 03.06.2017:
A. Final Rules for Returns :
[ Read Final GST Return Rules approved by GST Council on 03.06.2017 – Download – Print ]
1. Form and manner of furnishing details of outward supplies
2. Form and manner of furnishing details of inward supplies
3. Form and manner of submission of monthly return
4. Form and manner of submission of quarterly return by the composition supplier
5. Form and manner of submission of return by non-resident taxable person
5A. Form and manner of submission of return by persons providing online information and database access or retrieval services
6. Form and manner of submission of return by an Input Service Distributor
7. Form and manner of submission of return by a person required to deduct tax at source
8. Form and manner of submission of statement of supplies through an e-commerce operator
9. Notice to non-filers of returns
10. Matching of claim of input tax credit
11. Final acceptance of input tax credit and communication thereof
12. Communication and rectification of discrepancy in claim of input tax credit and reversal of claim of input tax credit
13. Claim of input tax credit on the same invoice more than once
14. Matching of claim of reduction in the output tax liability
15. Final acceptance of reduction in output tax liability and communication thereof
16. Communication and rectification of discrepancy in reduction in output tax liability and reversal of claim of reduction
17. Claim of reduction in output tax liability more than once
18. Refund of interest paid on reclaim of reversals
19. Matching of details furnished by the e-Commerce operator with the details furnished by the supplier
20. Communication and rectification of discrepancy in details furnished by the ecommerce operator and the supplier
21. Annual return
22. Final return
23. Details of inward supplies of persons having Unique Identity Number
24. Provisions relating to a goods and services tax practitioner
25. Conditions for purposes of appearance
B. GSTP (Goods and Service Tax Practitioner) Formats:
[ Read for details Final GSTP Formats – Goods and Service Tax Practitioner Formats approved by GST Council 03.06.2017 ]
Name of the Form | Description |
GST PCT – 1 | Application for Enrolment as Goods and Service Tax Practitioner |
GST PCT-02 | Enrolment Certificate for Goods and Service Tax Practitioner |
GST PCT-03 | Show Cause Notice for disqualification |
GST PCT-04 | Order of Rejection of Application for enrolment as GST Practitioner/ Or Disqualification to function as GST Practitioner |
C. Mismatch Formats
Results of Matching after filling of the Returns of September (to be filled by 20th October).
[ Read Final GST Mismatch Formats approved by GST Council 03.06.2017 – Download – Print ]
D. GST Returns Formats
Name of the Form | Description |
GSTR-1 | Details of outwards supplies of goods or services |
GSTR-1A | Details of auto drafted supplies of goods or services |
GSTR-2 | Details of inward supplies of goods or services |
GSTR-2A | Details of supplies auto drafted from GSTR-1 or GSTR-5 to recipient |
GSTR-3 | Monthly return |
GSTR-3A | Notice to return defaulter u/s 46 |
GSTR-4 | Quarterly return for registered persons opting composition levy |
GSTR-4A | Auto drafted details for registered persons opting composition levy |
GSTR-5 | Return for Non Resident Taxable Persons |
GSTR-5A | Details of supplies of online information and database access or retrieval services by a person located outside India made to non-taxable persons in India |
GSTR-6 | Return for input service distributors |
GSTR-6A | Details of supplies auto drafted from GSTR-1 or GSTR-5 to ISD. |
GSTR-7 | Return for Tax Deduction at Source |
GSTR-7A | Tax Deduction at Source Certificate |
GSTR-8 | Statement for Tax Collection at Source |
GSTR-11 | Inward supplies statement for persons having Unique Identification Number (UIN) |
Read Final GST Return Formats approved by GST Council 03.06.2017 – Download – Print
E. GST Rates
[ Read GST Rates Schedule for Certain Goods – GST Council Meeting 03.06.2017 ]
Description | Rate as fixed in the Meeting |
Gold | 3% |
Gold Jewellery | 3% |
Gems and Jewellary | 3% |
Readymade Garments | 12% (no cash refund on ITC) |
Readymade Garments below Rs.1,000 | 5% (no cash refund on ITC) |
Fabrics and Yarn of Cotton | 5% |
Manmade Yarn | 18% |
All categoriess of Textiles | 5% |
Packaged & branded Food items | 5% |
Fiber silk and Jute | 0% |
Manmade fiber | 18% |
Rough diamonds | 0.25% |
Polished or semi polished or on cut (diamonds) | 3% |
Tendu leaves | 18% |
Bidi | 28% (no cess) |
Footwear costing upto Rs. 500 | 5% |
Footwear costing above Rs. 500 | 18% |
Man- made apparel upto Rs. 1,000 | 5% |
Man- made apparel above Rs. 1,000 | 12% |
Next GST Council Meeting
“Both in the case of footwear and textiles, a major concession has been given,” Finance Minister Arun Jaitley said, adding the Council will meet one more time on June 11 to review the preparedness before the July 1 rollout. |
IGST Exemptions / Concessions under GST (India ) List – Download – Print
Other important point to be considered
The GST Council also approved the draft transition laws that will help switchover to the new tax regime. According to the new decided draft law, once GST is implemented, a company can claim credit of upto 40% of their Central GST (CGST) dues for excise duty paid on stock held by businesses prior to the roll out.
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