The GST council meeting which convened today took major decisions to ease the burden on many sectors including textile, restaurant tax.
As per the decisions taken at the meeting textile tax would be reduced to 5% from 12%. . Restaurant Tax reduced to 12% from 18% GST. The council also took a decision to reduce taxes on 60 items from 12% to 5%
The tax returns are to be filed once in quarter not monthly basis and the turnover for composition scheme raised from ₹75 Lakhs to₹ 1 crores. E-way bill provisions deferred till April 2018 and reverse charge to be abolished till March 31,.2018.
Quarterly returns for taxpayers with annual turnover less than ₹1.5 crores. Tax to be paid on monthly basis. For tax payers having turnover below 1.5 crore need to file return quarterly instead of monthly GST returns.
However payments needs to be made on monthly basis though return will be filed quarterly and the turnover limit increased to 1 crore instead of 75 lakhs. Also GST Rates falling under 28% and 18%, tax rate may be changed.