GST Council approves Chapters I-IX with amendments: 20% rate cap, composition rules, reverse charge and deferred cross-empowerment decision. The Council approved Chapters I-IX (Sections 1-46) of the Draft Model GST Law with specified amendments: exclude Jammu & Kashmir from Section 1(2); revise the definition of agriculture and merge agriculturist definitions; raise the statutory rate cap to 20% (CGST and SGST); allow composition by intimation with turnover cap not less than Rs. 50 lakh and set composition rates at 1% for traders and 2% for manufacturers; apply reverse charge on supplies from unregistered persons; extend the payment period for input tax credit reversal from three to six months; set TDS threshold at Rs. 2.5 lakh; defer decisions on ITC for capital goods and cross-empowerment.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
GST Council approves Chapters I-IX with amendments: 20% rate cap, composition rules, reverse charge and deferred cross-empowerment decision.
The Council approved Chapters I-IX (Sections 1-46) of the Draft Model GST Law with specified amendments: exclude Jammu & Kashmir from Section 1(2); revise the definition of agriculture and merge agriculturist definitions; raise the statutory rate cap to 20% (CGST and SGST); allow composition by intimation with turnover cap not less than Rs. 50 lakh and set composition rates at 1% for traders and 2% for manufacturers; apply reverse charge on supplies from unregistered persons; extend the payment period for input tax credit reversal from three to six months; set TDS threshold at Rs. 2.5 lakh; defer decisions on ITC for capital goods and cross-empowerment.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
