GST Council meeting: Deadline for filing of GSTR-1 extended till Oct 10; top developments

GST Council meet: No additional burden on small cars. Cess on mid-segment cars increased by 2 per cent, on large cars by 5 per cent and on SUVs by 7 per cent, announced FM Arun Jaitley.

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GST Council meeting: Union Finance Minister Arun Jaitley said that the overall GST collection has been robust so far.

In the Goods and Services Tax (GST )Council meeting on Saturday it was decided that the deadline for filing of sales return or GSTR-1 will be extended by a month to October 10. The GST Council also exempted artisans and folk artists with an annual turnover of up to Rs 20 lakh from registration under the just introduced Goods and Services Tax (GST). West Bengal Finance Minister Amit Mitra said besides exempting artisans, the 21st meeting of the highest decision-making body of the GST exempted clay idols from the tax.

After the GST Council meeting, Finance Minister Arun Jaitley addressed a press conference where he said that the overall GST collection has been robust so far.

GST Council meeting – Here are the top developments:

1. Figure of approximately Rs 95.000 crore (tax collection) for July. Some spill over of VAT collection of June paid in July will also be added, said Jaitley.

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2. No additional burden on small cars. Cess on mid-segment cars increased by 2%, on large cars by 5% & on SUVs by 7%, announced FM Jaitley

3. GST rate on about 30 items like roasted gram, idli/dosa batter, oilcakes, raincoats, rubber bands reduced, said Jaitley.

4. Jaitley says 5 pc GST will have to be paid by firms having registered trademark on May 15, 2017 for commodities.

5. West Bengal Finance Minister Amit Mitra said: “For artisans, artists, folk arts and tribal arts, no registration will be required up to Rs 20 lakh (turnover). Clay idols are exempt now.”

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6. On government work contract, the tax rate has been reduced to 12 per cent from 18 per cent.

7. A committee of ministers has been formed to look into technical issues facing the GST-Network, the IT backbone and portal for registration and tax returns under the GST regime.

8. Amit Mitra further said: “GSTN has major problems. We had much discussions and all that has to be settled and a committee of ministers has been formed along with a committee of officers,” he said. The panels would look into the glitches, he said. “Small and medium enterprises are suffering today, this has to be corrected.”

9. On revenues accruing to states in the first month of the GST, Haseeb Drabu said he does not “see a pattern right now in it. This time there will be a lot of backlog. Let it stabilise for one cycle”.

(With PTI inputs)