Key Points of 15th GST Council Meeting on 03.06.2017

By | June 4, 2017
(Last Updated On: June 4, 2017)

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 FormDescription
GST PCT – 1Application for Enrolment as Goods and Service Tax Practitioner
GST PCT-02Enrolment Certificate for Goods and Service Tax Practitioner
GST PCT-03Show Cause Notice for disqualification
GST PCT-04Order 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 FormDescription
GSTR-1Details of outwards supplies of goods or services
GSTR-1ADetails of auto drafted supplies of goods or services
GSTR-2Details of inward supplies of goods or services
GSTR-2ADetails of supplies auto drafted from GSTR-1 or GSTR-5 to recipient
GSTR-3Monthly return
GSTR-3ANotice to return defaulter u/s 46
GSTR-4Quarterly return for registered persons opting composition levy
GSTR-4AAuto drafted details for registered persons opting composition levy
GSTR-5Return for Non Resident Taxable Persons
GSTR-5ADetails 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-6Return for input service distributors
GSTR-6ADetails of supplies auto drafted from GSTR-1 or GSTR-5 to ISD.
GSTR-7Return for Tax Deduction at Source
GSTR-7ATax Deduction at Source Certificate
GSTR-8Statement for Tax Collection at Source
GSTR-11Inward 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 ]

DescriptionRate as fixed in the Meeting
Gold3%
Gold Jewellery3%
Gems and Jewellary3%
Readymade Garments12% (no cash refund on ITC)
Readymade Garments below Rs.1,0005% (no cash refund on ITC)
Fabrics and Yarn of Cotton5%
Manmade Yarn18%
All categoriess of Textiles5%
Packaged & branded Food items5%
Fiber silk and Jute0%
Manmade fiber18%
Rough diamonds0.25%
Polished or semi polished or on cut (diamonds)3%
Tendu leaves18%
Bidi28% (no cess)
Footwear costing upto Rs. 5005%
Footwear costing above Rs. 50018%
Man- made apparel upto Rs. 1,0005%
Man- made apparel above Rs. 1,00012%

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.

Related Post on GST Rules

Final GST Registration Rules Approved by GST Council 18.05.2017

Final GST Registration Forms approved by GST Council 18.05.2017

Final GST Tax Invoice Rules – Approved by GST Council 18.05.2017

Final GST Payment of Tax Rules approved by GST Council 18.05.2017

Final GST Refund Rules Approved by GST Council 18.05.2017

Final GST Refund Forms Approved by GST Council 18.05.2017

Final GST Input Tax Credit Rules – Approved by GST Council on 18.05.2017

Final GST ITC Forms approved by GST Council on 18.05.2017

Final GST Determination of Value of Supply Rules Approved by GST Council 18.05.2017

Final GST Composition Rules approved in GST Council 14th Meeting on 18.05.2017

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