Recommendations made by the GST Council in the 22nd meeting at New Delhi on 6th October, 2017

Composition Scheme
1. The composition scheme shall be made available to taxpayers having annual aggregate turnover of up to Rs. 1 crore as compared to the current turnover threshold of Rs. 75 lacs. This threshold of turnover for special category States, except Jammu & Kashmir and Uttarakhand, shall be increased to Rs. 75 lacs from Rs. 50 lacs. The turnover threshold for Jammu & Kashmir and Uttarakhand shall be Rs. 1 crore.

Levies under GST

GST COMPRISES OF THE FOLLOWING LEVIES: 

1.  Central Goods and Services Tax (CGST) [also known as Central Tax] on within state/intra-state or intra-union territory without legislature supply of goods or services or both. 
   
2. State Goods and Services Tax (SGST) [also known as State Tax] on within State/intra-state supply of goods or services or both.
   
3. Union Territory Goods and Services Tax (UTGST) [also known as Union territory Tax] on within Union Territory/Intra-union territory supply of goods or services or both.
   
4. Integrated Goods and Services Tax (IGST) [also known as Integrated Tax] on inter-state or from one state/territory  to another,supply of goods or services or both. In case of import of goods also, the present levy  of Countervailing Duty (CVD) and Special Additional Duty (SAD) would be replaced by integrated tax.
   

  

Interest on delay payment of GST

• Interest on Delay Payment of GST                      -18% p.a.

• Interest on Excess claim of Input Tax Credit      - 24% p.a.

        or                                                                       
      Undue/Excess Reduction in Output Liability

•  Interest on Refund to be paid by Govt.             - 6% p.a.