GST Updates | 17th GST Council Meeting | Relaxation in return | Hotel bill | Eway Bill | Lotteries | HD

17th GST Meeting Council Meeting held on 18th June 2017, Sunday GST meeting Updates Finance Minister, Arun Jaitely, announced in press conference Key take-outs from the 17th Meeting of GST Council held on 18th July GST Council categorically decided to implement GST from 1st July. There will be a special launch of GST in Delhi on the mid-night of 30th June and 1st July. Relaxation in Return filing time-line for first 2 months: A summary return form in GSTR-3B will required to be filed on self-declaration basis for first 2 month i.e. July and August by 20th day of next month. I.e. for the month of July, a summary return needs to be filed by 20th august after paying appropriate taxes, and for the month of August, the same needs to filed by 20th September. GSTR-1 with invoice level details needs to be filed for the month of July by 5th September, and for the month of August by 20th September. GSTR-2 and GSTR-3 for these 2 months will be filed thereafter. Reduced tax rate for hotels with tariff between 5000-7500: Reduced tax rate of 18% will apply on the hotels with tariff between Rs. 5000 to Rs. 7500. Restaurants in these hotels will also be taxable at 18%. Tax rate on Lotteries State-run lotteries will be taxed at 12% Private lotteries will be taxed at 18% Negative List of Composition Scheme Only 3 products have been added in negative list of Composition Scheme, which means for following 3 products composition scheme will not be available. • Ice cream • Pan masala • Tobacco E-way bill will be deferred and will be implemented later on once the rules for same will finalized. Till that time, an alternate e-way bill will be introduced to allow the state with their current system. IGST rate of 5% on Ship with full ITC will be applicable. GST Council also approved anti-profiteering rule. New Registration in GST will be commenced from 25th June. ---------------------------------------------------------------- Updates of 16th GST Council Meeting : https://youtu.be/9IohtkJ_Klc Also watch series on GST : https://www.youtube.com/playlist?list=PL9SBNN0u_c-1veCL0kt_MuWwKpfFlGFx- Why is PAN Card Important : https://www.youtube.com/watch?v=ZOY5_nXGueI&t=46s&list=PL9SBNN0u_c-3veuQrnVK_AWFuqU34hOD4&index=1 What is SFT? : https://www.youtube.com/watch?v=-QIWwcqREmE&index=2&list=PL9SBNN0u_c-3veuQrnVK_AWFuqU34hOD4 -------------------------------------------------------------------------------------------------------- GST council meeting today GST latest news GST Updates today GST latest Updates 18th GST council meeting 17 gst meeting 17 GST meeting 17 Council meeting of GST 18 council meeting of GST gst council meet GST council meeting youtube 17 gst council meeting youtube ------------------------------------------------------------------ Do Like Comment Share and Subscribe Connect with us on: Facebook: https://www.facebook.com/matolia.associates/ Instragram : https://www.instagram.com/matolia.associates/ Twitter : https://twitter.com/matol