GST ERA

*GST Council 22nd meeting update*
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. Quarterly returns for taxpayers with annual turnover less than ₹1.5 crores. Tax to be paid on monthly basis.
4. Inputs to exporters get deemed export status - this will solve the working capital issue faced by exporter
5. Exporters to get relief for next 6 months
6. E wallet will come into play after 6 months
7. Gas stove and consumer items reduced from 28%
GST council mein major decisions taken today :
8. Tax on cloth reduced to 5% from 12%.
9. 60 items tax reduced to 5% from 12%.
10. Ac Restaurant Tax reduced to 12% from 18% GST.