After a meeting of GST Council in Hyderabad on September 9th, 2017, Indian government extended the deadline for filing of July GSTR-1(sales return for business), GSTR-2(purchase return) & GSTR-3(match of GSTR-1 & GSTR-2) till October 10, October 31 & November 10 respectively.
Before this, GSTR-1, GSTR-2 & GSTR-3 for July had to be filled by September 10, September 25 respectively.
The Council has also decided to increase cess on mid-size cars by 2%, on large size cars by 5% and on SUV’s(Sports Utility Vehicles) by 7%. i.e. now effective GST rates on above cars will be 45%, 48% and 50% respectively.
There are 30 items like. idli/dosa batter, raincoats, rubber, dried tamarind, custard powder, kitchen gas lighter, roasted gram etc on which government decided to reduce GST rates. The Council also exempted artisans & folk artists having an annual turnover up to Rs 20 lakhs from registration under GST On the government work contract tax rates has been reduced to 12% from 18%.
To give a boost to exports sector GST Council decided to reduce tax rates on the supply of various scrips (like merchandise exports from India Scheme(MEIS), Service exports from India Scheme(SEIS) Duty-Free Import Authorization(DFIA). from 12% to 5%.
In the 21st meeting of GST Council in Hyderabad it is also decided that from September 18, registration will be opened for those persons who are liable to deduct TDS (Tax Deducted at Source) & TCS (Tax Collected at Source).As per the GST act TDS will be collected at the rate of 1% if the total value of supply of goods & services exceeds 2.5 lakhs. Similarly, e-commerce companies will also collect TCS at the rate 1% while making payment to suppliers. Now, the small business sells goods & services through e-commerce portal whose turnover less than 20 lakhs not required to register themselves.
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