28th GST Council Meeting – Announced..!!!
1. Highlights of this GST Council meeting
A) GST Return Filing process further simplified
- Regular taxpayers with a turnover up to Rs 5 crore can choose to file GST return on a quarterly basis against the previous boundaries of Rs. 1.5 crore. These taxpayers must, however, pay taxes on a monthly basis through Challan.
- Regular taxpayers with a turnover of more than Rs. 5 crores, must file a monthly return filing RETURNS new proposed Shri Nandan Nilekani system was adopted.
- Amendments made by submitting the return referred to amendments of return and payment, if any, will be in itself a return to help keep interest liability for taxpayers.
- It is proposed, NIL return filers (no buying and selling there) must be provided in the return of the object file to send SMS.
B) SOps for composite dealers get the nod
- Composition dealers can now covered the supply of services: the boundary equal to or less than 10% of turnover, or rendered RS lakhs 5, depending on the above services, fixed to choose circuit *. Restaurant services are not considered to include these criteria.
- All council members voted unanimously, by virtue of the increased threshold limit of Rs. 1.5 crore from the existing Rs 1.0 lakh as soon as possible.
C) At registration GST
- Taxpayers may opt for multiple registrations within the territory of the State / Union with respect to several businesses located within the same State / Union. It has previously been limited by several companies in certain countries.
- e-commerce operators should have compulsory registration of GST only on the Non-Exempt goods.
- The threshold for the release of GST is increased to 20 from 10 lakhs 6 States -Taxpayers, working in Sikkim Arunachal Pradesh, Himachal Pradesh, Uttarakhand, Assam and Meghalaya.
D) The reverse charge mechanism is postponed for a year before September 30, 2019
- Committee to study the pros and cons of the system, as well as a probable impact on income.
- At the same time, the amendment proposed Levy GST on the reverse charge mechanism only on these goods in the case of certain classes of registered persons declared receiving shipments from unregistered suppliers.
E) Creating GST Appeal Tribunal
- National Bench will be established in New Delhi.
- 3 State / Regional Bench come to Mumbai, Chennai and Kolkata with a few benches district.
- Amount preliminary deposit paid for appeal to appeal body and Appeal Tribunal be limited to the RTS. 25 crore and Rs. 50 crore, respectively.
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