New GST Rates List - Govt. issues updated schedule of CGST Rates

The GST Council held its 23rd meeting in Guwahati and in conclusion of the meeting we got to know that the council has cut down rates 178 items from 28% to 18%. So for the ease of reference, the Govt. has issued the updated schedule of CGST rates on goods as on November 15, 2017.

You can download the schedule of new rates from here - Download Now

Main Outcomes of the council:

• GSTCouncil brought all AC and non-AC restaurants in the 5% GST bracket without the input tax credit (ITC)
   
• Only 50 items, mostly demerit, sin and luxury goods will be in the 28% tax bracket.
   
• Taxpayers with turnover up to Rs 1 crore will have to file invoices once every quarter.
   
• GSTR-3B will continue until March 2018.
   
• Penalty for Nil GST return will be Rs 20.
   
• For Other than Nil Return the Penalty would be Rs. 50 Per Day.
   
• Annual turnover eligibility for composition scheme will be increased to Rs 2 crore from the present limit of Rupees 1 crore.
   
• There will be a uniform rate of tax at 1% under composition scheme for manufacturers and traders.
   
• Tax on diabetic food, pasta, curry paste, mayonnaise and salad dressings, mixed condiments and mixed seasoning, condensed milk, spectacles frames was brought down to 12%.
   
• Lower 18% GST will be levied on chewing gums, chocolates, after shave, deodorant, washing power, detergent, marble.

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