The much awaited meeting of GST council held today had cleared the air on various points while certain points are left for delibration for next meeting to be held on 11th June 2017 (Sunday).
Fine points of the meeting:
The meeting was chaired by Shri Arun Jaitley and commenced at 11 am in morning and after two sessions concluded at 7 pm after the media Q&A. India Inc was keen on address of their concerns, you can check the expectations here. however, FM has made it absolutely clear that certain representation have been received from industry and will be looked and any change required would be done in next meeting. Certain areas where GST rate were grossly adverse such solar power equipment have been amended. Apart from this, transition and other draft rules have neen given final shape and states have given thumbs up on roll out of GST from July 1.
The meeting also decided GST rates on certain goods as shown below:
Remarks made on Closing stock:
If the bill does not support the payment of tax then if GST is 18% or above then credit will be 60% of GST paid and if less than 18%, then credit will be 40%. Earlier it was only 40% hence this is a big relief coming in.
Up next:
The 16th GST Council meeting is scheduled on 11th June 2017 & India Inc would leave no stone unturned to get addressal of their concerns.
Fine points of the meeting:
The meeting was chaired by Shri Arun Jaitley and commenced at 11 am in morning and after two sessions concluded at 7 pm after the media Q&A. India Inc was keen on address of their concerns, you can check the expectations here. however, FM has made it absolutely clear that certain representation have been received from industry and will be looked and any change required would be done in next meeting. Certain areas where GST rate were grossly adverse such solar power equipment have been amended. Apart from this, transition and other draft rules have neen given final shape and states have given thumbs up on roll out of GST from July 1.
The meeting also decided GST rates on certain goods as shown below:
Remarks made on Closing stock:
If the bill does not support the payment of tax then if GST is 18% or above then credit will be 60% of GST paid and if less than 18%, then credit will be 40%. Earlier it was only 40% hence this is a big relief coming in.
Up next:
The 16th GST Council meeting is scheduled on 11th June 2017 & India Inc would leave no stone unturned to get addressal of their concerns.
Big News: Complete Picture of 15th GST Council Meeting held on 3rd June 2017
Reviewed by Author
on
June 03, 2017
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Reviewed by Author
on
June 03, 2017
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