RULES
ü Six
rules cleared including Audit,Anti
Profiteering.
ü A five-member anti-profiteering authority will be set up
to decide on levying penalty if businesses do not pass on the benefit of ITC to
consumers by way of commensurate reduction in prices under the new tax regime.
ü E-way
bill rules delayed for Further consultation as expected. Till then an alternative or transient rule will prevail.
Return Filling
ü Relaxation in Return filing time-line for first 2 months -
summary return form in GSTR-3B will required to
be filed on self-declaration basis for first 2 month i.e. July and August by
20th day of next month. I.e. for the month of July, a summary return needs to
be filed by 20th august after paying appropriate taxes, and for the month of
August, the same needs to filed by 20th September.
ü For July, the
sale returns(GSTR-1) will have to be filed by September 5 instead of August 10.
Companies will have to file sale invoice for August with the GST Network by
September 20 instead of September 10 earlier.
Rates Of services
ü W.r.t
the service of Transport of goods by a vessel that GST rate of 5%
will be available with ITC in respect of input services and on ships,
vessels including bulk carriers and tankers.
ü It
has been decided that accommodation in hotels, inns, guest
houses, clubs, campsites or other commercial places meant for residential or
lodging purposes where room tariff is Rs 2500/- and above but less than Rs
7500/- per room per day shall attract GST rate of 18% with full ITC.
ü Accommodation
in hotels including 5 star and above rated hotels, inns, guest houses, clubs,
campsites or other commercial places meant for residential or lodging purposes,
where room rent is Rs 7500/-(Previously Room rent above 5000/-) and
above per day per room shall attract GST rate of 28% with full ITC.
ü
Supply of Food/drinks
in air-conditioned restaurant in 5-star or above rated Hotel shall
attract GST rate of 18% with full ITC. (At Par with other
Air-conditioned restaurants, Previous Proposed Tax rate was 28%)
ü GST
rates For Lottery
o
Lottery
run by State Governments - 12% of face value of lottery ticket
o
Lottery authorized by State
Governments - 28% of face value of lottery ticket
Turnover Limit for the Composition Levy
ü The
turnover limit for Composition Levy for CGST and SGST purposes shall be Rs.50 lakh
in respect of the Special Category States.
ü In
case of Uttarakhand, the turnover limit for Composition Levy for CGST and SGST
purposes will be Rs.75 lakh.
ü For
the State of Jammu & Kashmir the turnover limit for the Composition levy
will be decided in due course.
ü Manufacturers
of goods who will not be eligible for Composition Levy:
o
ICECREAM
o
PAN MASALA
o
TOBACCO and its related substitutes
The GST Council also recommended that the GST rate
on dried singhada and makhana will be 5%.
Next GST Council (18th meeting) on the eve of the implementation of the GST Bill on June 30.