GST meet concludes
The day-long 25th GST Council meet ended in Delhi. Among the key points picked up in the meet included the E-way bill, composite scheme and 3B return filing,which finance minister Arun Jaitely said would be continued for now. He also said that the revised rates will be applicable from the 25th of January, 2018.
1. E-way bill system testing continues till January 25, loading will be made must from Feb 1.
2. 3B Returns filing may continue and suppliers may continue to load invoices .
3. 15 states agree on intra-state e-way bill.
4. Decision on petroleum products deferred.
5. No decision on real-estate, will be taken up in next meet.
6. 29 Handicraft items have been put in 0% slab. GST rates have also been reduced in few agricultural products.
7. The GST Council also discussed how buyers should upload purchases invoices, and the sellers should upload sale invoices.
8. Collection under composite scheme only Rs 307 crore.
9.The fitment committee will fix the rates for about 40 handicraft items.
10. A few more items may be added to the list.
11. Rs 35,000 crore of Integrated GST will be provisionally divided between the Centre and states.
12. Rates revised for 29 goods, 53 services categories.