Summary of Major decisions taken & changes in GST Law
- Changes in Composition Scheme
- Change in tax rates
- Some other reliefs for tax payers
1.Changes in Composition Scheme
Composition scheme limit to be increased to Rs. 1.5 Crore
1 % GST rate for manufacturers & traders
Taxpayers who supply goods as well as provide services (But the value of services does not exceed Rs. 5 Lakh) are eligible for composition scheme
Composition dealers cannot make inter-state sales
2.Change in Tax Rates
List of Goods on which GST Rate has been reduced FROM 28% to 18%:
- Chewing gum, Chocolates and other food preparations containing coco
- Waffles and wafers coated with chocolate or containing chocolate
- Other non-alcoholic beverages
- Perfumes and toilet waters 2
- Beauty or make-up preparations and preparations for the care of the skin (other than medicaments),
- Articles of apparel and clothing accessories, of leather or of composition leather
- Plywood, veneered panels, and similar laminated wood
- Baths, shower baths, sinks, wash basins, bidets, lavatory pans, seats and covers, flushing cisterns and similar sanitary ware of plastics
- Preparations and charges for fire-extinguishers; charged fire-extinguishing grenades 3
- Articles of artificial fur
- Wooden frames for paintings, photographs, mirrors or similar objects
- Ceramic flooring blocks, support or filler tiles
- Blocks, tiles and other ceramic goods of siliceous fossil meals
- All goods of marble and granite [other than Statues, statuettes, pedestals; high or low reliefs, crosses, figure of animal, bowls, vases, cups, cachou, boxes, writing sets, ashtrays, paperweights, artificial fruit, and foliage etc., other ornamental goods etc.
- Other articles of glass [other than Globes for lamps and lanterns, Founts for kerosene wick lamps, Glass chimneys for lamps and lanterns]
- Doors, windows and their frames and thresholds for doors
List of Goods on which GST Rate has been reduced from 28% to 12%:
- Wet grinder consisting of stone as a grinder
- Tanks and other armored fighting vehicles, motorized, whether or not fitted with weapons, and parts of such vehicles
List of Certain Goods on which changes have been recommended in GST Rates: FROM 18% to 12%:
- Condensed milk
- All goods, including refined sugar containing added flavoring or coloring matter, sugar cubes other those which attract are at 5% or Nil GST.
- Curry paste
- Medicinal grade oxygen
- Handbags and shopping bags of jute as well as cotton
- Parts [falling under heading 8452] of Sewing machines
FROM 12% to 5%:
- Desiccated Coconut
- Products of coir
- Fishing hooks
To view the complete list click here.
3.Some other relief for tax payers
Revision in late fee & Extension of Due Dates
Late fee for delayed filling of NIL return has reduced to Rs. 20 per day.
Waiver of late fee paid for the month of July, August & September.
In case if any taxpayer paid the late fee in these months, same will be credited back in Electronic cash ledger under “TAX” & same can be utilized to offset liabilities. Read more.