TaxTMI 
TaxTMI 
TaxTMI 
Dear Professional Colleague,
Good Evening!!
The GST Council on Friday, i.e. November 10, 2017, has rationalized the tax rates on various goods and services and reduced compliance burden for SME & other sectors in its 23rd meeting held at Guwahati, amidst the peculiarities going on in the Trade and Industry on various critical provisions of GST Law and Rules made thereunder. With the outcome of decisions taken at GST Council meeting, around 233 items from chocolates, detergents to granite and marble will become cheaper - 177 items moving from 28% to 18%, 2 items from 28% to 12% and around other 54 items also moving to lower tax brackets. Moreover, it is, inter-alia, decided to raise limit for opting composition scheme to ₹ 1.50 Cr., uniform rate of tax @ 1% for manufacturers and traders opting for composition scheme, quarterly GSTR-1 filing for SME sector till March 31, 2018 and all standalone restaurants to be taxed @ 5% with no ITC etc. However, no such notification is issued so far but it will be issued shortly so as to be effective from November 15, 2017.
Despite of these wholesale changes in GST rates and other compliance procedures, we are still in the state of flux as to when the apparent flaws in the basic structure of GSTN portal will be sorted out. Even after so much of rates re-shuffling, goods like washing machine, AC, etc., which are actually the need of aam aadmi, is still categorised as luxury item falling in 28% tax bracket. Further, marbles and certain sanitary fittings will now be taxed at lower rate than cement, which creates an awkward position as cement is the first basic material for construction.
Meanwhile, we have analysed and summarized all the key changes decided at this meeting along with its implications, through a video recorder by Mr. Bimal Jain, for your easy understanding.
Trust you will find the same useful for keeping abreast to all the latest happenings in GST.