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Summary of the GST Council meeting of November 10, 2017

*Composition scheme expanded*

Threshold for Composition scheme to be increased to Rs. 1.5 Crores. Uniform tax rate of 1% applicable for both traders and manufacturers. 

Composition suppliers allowed services upto Rs. 5 lakh per annum for eligibility. Exempted supply not to be taxed at 1%. 

*Returns*

Filing of Form GSTR 2 and GSTR 3 has been suspended for the current financial year. Only GSTR 1 is to be filed as per the below schedule. 

For suppliers having turnover below 1.5 crores,

For the period of July to Sept - 31st Dec 2017

For the period of Oct to Dec - 15th Feb 2018

For the period of Jan - Mar - 30th Apr 2018

For suppliers having turnover more than 1.5 crores, 

For the period of Jul to Oct - 31st Dec 2017

For the month of Nov - 10th Jan 2018

For the month of Dec - 10th Feb 2018

For the month of Jan - 10th Mar 2018

For the month of Feb - 10th Apr 2018

For the month of Mar - 10th May 2018


Filing of return in Form 3B to be continued till March. For small taxpayers, return to be simplified. It is not clear whether small suppliers will have to file monthly or quarterly (as proposed in the last meeting). 

A committee to simplify details of GSTR 2 and GSTR 3 will be setup. 

*TRAN-1 date extended *
The due date of TRAN-1 has been extended to December 31, 2017. 

*Penalties reduced*
Rate of penalty for delay in filing of returns will be reduced from Rs. 200 per day to Rs. 20 per day for suppliers with nil returns. For others, penalty to be reduced to Rs. 50 per day. 

*GSTR-4 extended*

Due date for return of suppliers covered in composition scheme in Form GSTR-4 has been extended to 24th December 2017. 

*Changes in Rates*

1. 5% Tax on all Restaurants other than 5-Star *without ITC*

2. Rates reduced for 178 items from 28% to 18% effective Nov 15, 2017. 
 - Washing Machines 
 - Air Conditioners
 - Make up 
 - Sanitary Items
 - Marble/flooring
 - Toiletries

3. Rates reduced from 28% to 12%
 - Wet grinders
 - Armoured fighting vehicles

4. Rates reduced from 18% to 12% for 13 items, from 5% to 0% for 6 items, from 12% to 5% - 8 items.

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