https://www.taxtmi.com/circulars?id=65081 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. en-us Sat, 03 Dec 2016 00:00:00 +0530 Wed, 11 Feb 2026 15:59:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=65081 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. Circulars GST Sat, 03 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/circulars?id=65081