Decision taken in 22nd GST Council Meeting
1. GST Council allows SMEs with turnover of up to Rs 1.5 cr to file quarterly returns instead of monthly filings.
2. Nominal 0.1% GST on exports
3. For July exports, refund cheques will be processed by October 10 and for August exports, refund cheques will be processed by October 18
4. There will be an e-wallet for each exporter and notional amount as advance refund will be given; will be initiated on 1 April 2018
5. The e-wallet credit will allow for GST, IGST, etc, while actual refund will offset this
6. The limit for turnover in compensation scheme raised from Rs 75 lakh to Rs 1 crore
7. SMEs with Rs 1 crore turnover can file quarterly returns
8. 1% tax applicable on traders under composition scheme
9. Any person providing exempted service are eligible for compensation scheme
10. Revision in GST rates:
Items |
Old rates |
New rates |
Sliced dried mangos, khakra and chapatti |
12% |
5% |
Unbranded Namkeen |
12% |
5% |
Unbranded Ayurvedic Medicine |
12% |
5% |
Stones used for flooring Other than marble and granite |
28% |
18% |
Stationary items |
28% |
18% |
Diesel engine parts |
28% |
18% |
Petrol pump parts |
28% |
18% |
Man Made yarn |
18% |
12% |
Job Work |
12% |
5% |