Outcome of GST Council meeting | GST Returns date extended

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Summary of Outcome of GST Council meeting

# Due date of GSTR1 for July extended to October 10. Confirmed by Finance Minister Arun Jaitley. New timetable is as follows.

– For registered persons with turnover in a state more than Rs. 100 crores, due date for GSTR-1 for July 2017 will be 03.10.2017
– For others, due date for GSTR – 1 July 2017 will be 10.10.2017
– GSTR-2 (for the month of July 2017) 31.10.2017
– GSTR-3 (for the month of July 2017) 10.11.2017
– GSTR-4 (for the quarter July-sep 2017) 18.10.2017
– GSTR-6 (for the month of July 2017) 13.10.2017

# Time table for next month to be announced later on

# TRAN – 1 extended by 1 month. Single revision option to be provided.

# GSTR 3B to be continued for 4 more months – Sept, Oct, Nov and Dec

# Window for Composition option to be re-opened. Due date 30th Sept.

# Inter-ministerial panel to be formed to look at the technical issues around GST Network to address issues pertaining to uploading of the returns on GSTN

# Council widens the definition of ‘Brand’. If product carries a trademark which is registered on 15.5.2017 or even if unregistered but mark/name allows exclusivity on account of any reason. Rate for branded goods reduced to 5% from 12%.

# No registration for inter-state sale upto Rs. 20 lakhs for artisans, folk artists, tribal art and for specified job work. Khadi sold through KVIC stores exempted.

# Tax rates reviewed and reduced for 30 items.

# Review of tax rates after 6 months if healthy collection continues.

# GST on Works Contract for Govt reduced to 12%

# No change in Cess on Cars with engines less than 1200cc petrol or 1500cc diesel. Cess on Mid segment cars increased by 2%. Cess on Large cars increased by 5%. Cess on SUV increased by 7%. No change for Hybrid cars.

# Despite robust collection of GST (Rs. 95000 Crore), on account of unrealized IGST (Rs. 37000 Crore), State Governments are facing liquidity issues.

# Officer’s committee to be formed to look on embedded taxes in exports.