Update on GST Acts and Rules

The Govt. is making all efforts to stay to the timeline of 1st June for GST implementation. In the 15th GST Council meeting on 3rd June, 2017, the rates of 7 items were decided, including textiles, footwear & gold. All the states, except West Bengal , have also agreed to roll out Goods & Service Tax from 1st July, 2017. Following is that the status update on the GST Act and rules:

In the 15th GST Council meeting on 10th June, 2018, the GST Council lowered the tax rates for 68 items and raised the limit on turnover for composition tax payers from Rs. 50,00,000 to Rs. 75,00,000.

GST Acts

• UTGST Act, CGST Act, IGST Act and Compensation to the States Act are passed within the court and have received presidential assent on 14th April, 2018. Following are the finalized Acts:

• SGST Act has been passed in 25 states, the newest being Meghalaya.

Rules

GST rules finalized are:

• Composition
• Valuation
• Input Tax Credit
• Invoice, debit and credit notes
• Payment
• Refund
• Registration
• Return
• Accounts and Records
• Transition

New guidelines on Advance ruling, Appeals and revision, Assessment and audit, e-Way bill are still in draft.

Formats

GST formats are finalized and are given below:

• Composition formats
• ITC formats
• Payment formats
• Refund formats
• Registration formats
• Return formats:
  • GSTP formats
  • Mismatch formats
  • Return formats
• Accounts and records
• Transition

Rate Schedule

Over 1200 goods and 500 services are assigned GST rates within the 4 tax brackets of fifty , 12%, 18% and 28%. There is also a Cess over and above the height rate of 28% on demerit and luxury goods. The finalised rate schedule of products and services is given below:

The next GST Council meeting is scheduled on 18th June, 2017, to debate issues associated with e-way bills and lottery.

Credits: Tally Solutions