Goods & Services Tax 23nd Council meeting was held on November 10, 2017, in the largest city of Assam, Guwahati, under the chairmanship of Union Minister of Finance & Corporate Affairs, Mr Arun Jaithley, considering regular failures in the IT sector and doubtful GST rates on some goods and services.

The Council took crucial decisions which resulted in as sighs of relief for the taxpayers as well as the citizens. The council is aimed at presenting GST as Good & Simple Tax making it simpler and consumer friendly. Also, out of 227 commodities which were in 28% tax slab, only 177 commodities were eliminated and the tax levied on them decreased to 18%.

Considering the experience of the past 4 months, the council meeting was focused on small-scale businesses (composition dealers) and consumers or the citizens, mainly. The impact of GST on different sectors and the decreasing growth rate was definitely a matter to act upon immediately.

Here is a quick summary of the Council meeting and important decisions made.

  • Out of 227 commodities in the 28% tax slab, only 50 commodities which were mostly luxury. Rest of the commodities have been put at 18%.
  • The Goods & Services Tax Council decides to raise the threshold for composition scheme to Rs. 2 Crore for traders and manufacturers requiring an amendment in the GST act. No Input Tax Credit and Inter-State taxes for the composition dealers.
  • Restaurants to be taxed at 5%, Except for 5-star restaurants, which was 18% before.
  • Late Fee has been reduced from Rs. 200 to Rs. 20 for NIL returns and Rs. 50 for others.
  • Taxpayers will only fill GSTR-1 until April 30, 2018.
  • 3B Return Filing will be continued until March 2018.
  • 13 commodities moved from 18% tax slab to 12%. 6 commodities from 18% to 5% tax slab. 6 commodities moved from 5% to NIL.
  • No tax on the advance payments received in case of goods, in GST.
  • All taxpayers would file the return in FORM GSTR-3B along with payment of tax by 20th of the succeeding month till March, 2018.

 For filing of details in FORM GSTR-1 till March 2018, taxpayers would be divided into two categories. Details of these two categories along with the last date of filing GSTR 1:

Taxpayers with annual aggregate turnover up to Rs. 1.5 crore need to file GSTR-1 on a quarterly basis as per following frequency:

Jul- Sep31st Dec 2017
Oct-Dec15th Feb 2018
Jan- Mar30th April 2018

Taxpayers with annual aggregate turnover more than Rs. 1.5 crore need to file GSTR-1 on monthly basis as per following frequency:

Jul- Oct31st Dec 2017
Nov10th Jan 2018
Dec10th Feb 2018
Jan10th Mar 2018
Feb10th Apr 2018
Mar10th May 2018


S. No.FORM and DetailsOriginal due dateRevised due date
1GST ITC-04 for the quarter July-September, 201725.10.201731.12.2017
2GSTR-4 for the quarter July-September, 201718.10.201724.12.2017
3GSTR-5 for July 201720.08.2017 or 7 days from the last date of registration whichever is earlier11.12.2017
4GSTR-5A for July 201720.08.201715.12.2017
5GSTR-6 for July 201713.08.201731.12.2017
6TRAN-130.09.201731.12.2017 (One-time option of revision also to be given till this date)

Relevant notifications for all of the above decisions will be issued shortly, so as to be effective from 15.11.2017.

Source: The Commerce Insider