Motor vehicle will now attract 18% tax from earlier 28%.
Buses, for use in public transport, which exclusively run on bio-fuels.
To reduce GST rate on services by way of admission to theme parks, water parks, joy rides, merry-go-rounds, go-carting and ballet, from 28% to 18%.
Rate Reduced from 18% to 12%
Rates of goods such as bio-diesel, packaged drinking water (packed in 20 litres bottle), drip irrigation system, mechanical sprayer, bio-pesticides, sugar boiled confectionery, etc. have been brought down to 12 percent from 18 percent.
To reduce GST rate on construction of metro and monorail projects (construction, erection, commissioning or installation of original works) from 18% to 12%.
Rate Reduced from 18% to 5%
Tax on sales of liquefied petroleum gas (LPG) by private firms for domestic use has been reduced to 5% from 18%.
To reduce GST rate on transportation of petroleum crude and petroleum products (MS, HSD, ATF) from 18% to 5% without ITC and 12% with ITC.
To reduce GST rate (from 18% to 12%) on the Works Contract Services (WCS) provided by sub-contractor to the main contractor providing WCS to Central Government, State Government, Union territory, a local authority, a Governmental Authority or a Government Entity, which attract GST of 12%. Likewise, WCS attracting 5% GST, their sub-contractor would also be liable @ 5%.
Rate reduced from 12% to 5%
Tax rate on velvet fabric has been reduced to 5% from 12%
Rate reduced from 15%/5%to 0%
Rice Bran will attract 0% tax from 5% earlier
Cess on vehicles for ambulance also reduced to 0% from 15% earlier.
Rate Change to NIL
29 Handicraft items have been put in 0% slab.
vibhuti and de-oiled brown rice will attract nil tax.
Diamonds and precious stones will now attract 0.25 percent GST instead of 3 percent
When E-WAY bill introduce
The facility for generation, modification, and cancellation of e-Way Bills is being provided on trial basis on the portal https://ewaybill.nic.in/. Once fully functional e-Way Bill system will start functioning on the portal https://ewaybillgst.gov.in.
E-way bill system would be rolled out from February 1 and 15 states are on board for obtaining intra-state bill.
Certain modifications are being made to the e-Way Bill rules which are to be notified nationwide for interstate movement with effect from 01.02.2018 and for intra-state movement with effect from a date to be announced separately by each state but not later than 01.06.2018.
The late fee for delayed filing of GSTR-1, GSTR-5 & GSTR-5A is being reduced to Fifty Rupees per day and shall be Rupees Twenty Five in case of Nil returns.
The late fee for delayed filing of GSTR-6 shall be Rupees Fifty per day.
The last date for filing of Form GST REG-29 for cancellation of registration by migrated tax payers is being extended to March 31, 2018.
Taxable persons who have obtained voluntary registration will now be permitted to apply for cancellation of registration even before the expiry of one year from the effective date of registration.
Enhance The Exemption Limit Resident Welfare Association
To enhance the exemption limit of Rs 5000/- per month per member to Rs 7500/- in respect of services provided by Resident Welfare Association (unincorporated or nonprofit entity) to its members against their individual contribution.
25th GST Council Meeting Press Release
Press release by the Government summarizing major policy changes announced by the 25th GST Council Meeting is reproduced below for reference:
To exempt legal services provided to Government, Local Authority, Governmental Authority and Government Entity.
To allow ITC of input services in the same line of business at the GST rate of 5% in case of tour operator service
The law review committiee recommended to re-introduce reverse charge mechanism (RCM) only for dealers under composition scheme.
GST Council may in their next meeting decide requirement of filing only two returns i.e. GSTR 3B and GSTR 1 and may do away with GSTR 2 and GSTR 3.
GST Panel also decided to divide Rs 35,000 crore IGST collections between centre, states.
Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders.
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