The Government is making all efforts to stick to the timeline of 1st July for GST implementation. In the 15th GST Council meeting on 3rd June, 2017, the rates of 6 items were decided, including gold, footwear and textiles. All the states, except West Bengal, have also agreed to roll out GST from 1st July, 2017. Following is the status update on the GST Act and rules:
- CGST Act, IGST Act, UTGST Act and Compensation to the States Act have been passed in the Parliament and have received presidential assent on 13th April, 2017. Following are the finalized Acts:
|Compensation to the States Act|
- SGST Act has been passed in 22 states, the latest being Himachal Pradesh.
GST rules finalized are:
- Input Tax Credit
- Invoice, debit and credit notes
Rules on Accounts and Records, Advance ruling, Appeals and revision, Assessment and audit, e-Way bill and Transition are still in draft.
GST formats have been finalized and are given below:
- Composition formats
- ITC formats
- Payment formats
- Refund formats
- Registration formats
- Return formats:
Over 1200 goods and 500 services have been assigned GST rates in the 4 tax brackets of 5%, 12%, 18% and 28%. There is also a Cess over and above the peak rate of 28% on demerit and luxury goods. The finalised rate schedule of goods and services is given below:
|Goods decided in GST Council meeting on 18.5.’17Rate schedule||Rate schedule|
|Goods decided in Council meeting on 3.6.’17Rate schedule||Services under Reverse Charge|
|Compensation Cess rates||Classification scheme for services|
|IGST exemption and concessions list|
The next GST Council meeting is scheduled on 11th June, 2017, to review the preparedness before the rollout of GST on 1stJuly.
Source : http://blogs.tallysolutions.com/gst-acts-rules/