GST Council, in its 28th Meeting held in New Delhi on 21 July 2018, has made various recommendations/ decisions on various issues.

This article covers those changes/amendments which would affect stakeholders of Rosin Wale(Biroja Wale).

1. GST rate deduction

From 28% to 18%

• Paints and Varnishes
• Glaziers’ putty, grafting putty, resin cements

From 12% to 5%

• Phosphoric Acid(fertilizer grade only)

From 18% to 5%

• Ethanol for sale to Oil Marketing Companies

Further, GST rates have been reduced in many other items.  For a comprehensive list Click Here

Note: New rate will be applicable from the date when the official notification is released by the GST department.

• Quarterly returns for taxpayers whose turnover is less than Rs 5Cr

Taxpayers whose  turnover is less than Rs 5 Cr will have to file quarterly returns but tax payments to continue on a monthly basis

• Increased threshold for composition scheme

It has been raised from Rs 1 crore to Rs 1.5 crore.

• RCM on supply of specified goods only

Levy of GST on reverse charge mechanism on receipt of supplies from unregistered suppliers, to be applicable to only specified goods in case of certain notified classes of registered persons, on the recommendations of the GST Council.

The reverse charge mechanism is deferred till 30/09/2019

• Multiple Registration for one taxpayer in one state

Taxpayers are to be allowed to obtain multiple GST Registrations even in one state, as against existing restrictions for doing so These are the major changes that are happening after 28th GST council meeting. Keep looking at this space for further updates.