28th GST Council Meeting held on 21st July 2018 in New Delhi (Highlights)

28th GST council meeting was scheduled for 21st of July, 2018 from 11:00 AM at Vigyan Bhavan, New Delhi by Union Min Minister of Railways, Coal, Finance and Corporate Affairs Minister Shri Piyush Goyal Ji.

• Imported urea GST reduced to 5 per cent

• E-books GST reduced to 5 per cent

• Discussion based on the MSME sector and its hurdles in 29th GST council meeting

• Penalty waived off for taxpayer registration and date extended till 31st August

• GST rate for petrol and diesel Ethanol reduced to 5 per cent

• Option for composition scheme for those having a 10 per cent share in annual turnover offered as services

• Composition Scheme threshold limit increased (1 Crore to 1.5 Crore)

• Regular taxpayer turnover limit increased up to 5 crores for quarterly filing and 5 crores for monthly filing

• RCM provision nullified for 1 year

• The GST registration threshold limit is increased up to 20 lacs (earlier it was 10 lacs) for northeastern states.

• Textile industry to get refunds back from ITC paid

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Blog source : GST Council official

Signed Minutes - 28th GST Council Meeting.pdf

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