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GST COUNCIL LATEST UPDATES AT 22ND COUCIL MEETING – LegalValid.com 06 Oct GST COUNCIL LATEST UPDATES AT 22ND COUCIL MEETING LegalValid2017-10-06T20:48:47+00:00 By LegalValid Uncategorized 0 Comments Updates : – 1.Gst Council to allow quarterly filling of returns for business with annual return turnover up to Rs. 1.5 Cr 2.E – way bill postponed till April 2018....

*Key take-outs from the 17th Meeting of GST Council held on 18th July*

A 4*GST Council categorically decided to implement GST from 1st July*. There will be a special launch of GST in Delhi on the mid-night of 30th June and 1st July.

B *Relaxation in Return filing time-line for first 2 months*:


C GSTR-1 with invoice level details needs to be filed for the month of July by 5th September, and for the month of August by 20th September. GSTR-2 and GSTR-3 for these 2 months will

D *New Registration in GST will be commenced from 25th June.*

Regards,

*Key take-outs from the 17th Meeting of GST Council held on 18th July*

A 4*GST Council categorically decided to implement GST from 1st July*. There will be a special launch of GST in Delhi on the mid-night of 30th June and 1st July.

B *Relaxation in Return filing time-line for first 2 months*:


C GSTR-1 with invoice level details needs to be filed for the month of July by 5th September, and for the month of August by 20th September. GSTR-2 and GSTR-3 for these 2 months will

D *New Registration in GST will be commenced from 25th June.*

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the following four GST related bills:
1. The Central Goods and Services Tax Bill 2017 (The CGST Bill)
2. The Integrated Goods and Services Tax Bill 2017 (The IGST Bill)
3. The Union Territory Goods and Services Tax Bill 2017 (The UTGST Bill)
4. The Goods and Services Tax (Compensation to the States) Bill 2017 (The Compensation Bill)
The above four Bills have been earlier approved by the GST Council after thorough, clause by clause, discussion over 12 meetings of the Council held in the last six months.
The CGST Bill makes provisions for levy and collection of tax on intra-state supply of goods or services for both by the Central Government. On the other hand, IGST Bill makes provisions for levy and collection of tax on inter-state supply of goods or services or both by the Central Government.
The UTGST Bill makes provisions for levy on collection of tax on intra-UT supply of goods and services in the Union Territories without legislature. Union Territory GST is akin to States Goods and Services Tax (SGST) which shall be levied and collected by the States/Union Territories on intra-state supply of goods or services or both.
The Compensation Bill provides for compensation to the states for loss of revenue arising on account of implementation of the goods and services tax for a period of five years as per section 18 of the Constitution (One Hundred and First Amendment) Act, 2016.
Background:
The Government is committed to early introduction of GST, one of the biggest reforms, in the country as early as possible. GST Council has decided 1st July as the date of commencement of GST. The Finance Minister in his Budget Speech has mentioned that country-wide outreach efforts will be made to explain the provisions of GST to Trade and Industry.

Under GST Summary of invoices issued to be given in GSTR-1 and Every advance receipt against supplies shall get a transaction id which is to be mentioned against invoice issued later in GSTR-1