Update on GST Acts and Rules By- Mukesh Rathi Posted On- 18-06-2017 10:16:01
The Government is making all efforts to stick to the timeline of 1st July for GST implementation. In the 15th GST Council meeting on 3rd June, 2017, the rates of 6 items were decided, including gold, footwear and textiles. All the states, except West Bengal, have also agreed to roll out GST from 1st July, 2017. Following is the status update on the GST Act and rules:
In the 16th GST Council meeting on 11th June, 2017, the GST Council lowered the tax rates for 66 items and raised the limit on turnover for composition tax payers from Rs. 50 Lakhs to Rs. 75 Lakhs.
- CGST Act, IGST Act, UTGST Act and Compensation to the States Act have been passed in the Parliament and have received presidential assent on 13th April, 2017. Following are the finalized Acts:
- SGST Act has been passed in 25 states, the latest being Meghalaya.
GST rules finalized are:
Rules on Advance ruling, Appeals and revision, Assessment and audit, e-Way bill are still in draft.
GST formats have been finalized and are given below:
Over 1200 goods and 500 services have been assigned GST rates in the 4 tax brackets of 5%, 12%, 18% and 28%. There is also a Cess over and above the peak rate of 28% on demerit and luxury goods. The finalised rate schedule of goods and services is given below:
The next GST Council meeting is scheduled on 18th June, 2017, to discuss issues related to e-way bills and lottery.