ASK GST

Gst Council 22nd meeting update:

1. Turnover for composition scheme raised from ₹75 Lakhs to₹ 1 crores.
2. E-way bill provisions deferred till April 2018.
3. Reverse charge to be abolished till 31.03.2018. For goods supplier only.
4. Quarterly returns and tax payment for taxpayers with annual turnover less than ₹1.5 crores. (w.e.f. October month return, till September return and payment will prevail with existing law)
5- service provider having turnover less than ₹20 lakh and providing inter state supply, now exempt from GST.
6- TDS and TCS will effect from 01-04-2018.
7-Exporter- refund will process from 10-10-2017 for July month credit. And from 18-10-2017 for august months credit.
8- merchant exporter will pay 0.1% tax till 31-03-2018.
9- e wallet from 01.04.2018 for notional refund.