The Goods and Services Tax (GST) Council, on its 21st meeting in Hyderabad, decided to reduce levy on 40 items including cotton quilts and corduroy fabric etc. The tax has been decreased after the fitment committee noticed irregularities in GST levied on these products. The Council also extended dates for filing GST returns.
The cotton quilts costing up to Rs 1,000 will attract 5% GST while those above Rs 1,000 will come under 12% GST slab. The GST rate earlier was uniform at 18%. The rate on sari fall and corduroy fabric has been lowered from 12% to 5%. Further, in view of the difficulties being faced by tax payers in filing their returns, the Council extended the last date for filing GSTR-1 for July 2017 to October 10 this year. However, for registered persons with aggregate turnover of more than Rs 100 crore, the due date shall be 3rd October 2017.
According to the Information provided to the media, the revised due dates for filing GSTR-2, GSTR-3 and GSTR-6 for July 2017 are now October 31, November 10, and October 13 respectively. However, the last date for filing GSTR-4 for July-September quarter remains unchanged at October 18.Table-4 under GSTR-4 is not to be filled for the quarter July-September 2017 and requirement of filing GSTR-4 A for this quarter is dispensed with, according to an official release.
The registration for persons liable to deduct tax at source (TDS) and collect tax at source (TCS) will commence from September 18. However, the date from which TDS and TCS will be deducted or collected will be notified by the Council later. The GST council of India has also decided to setup a committee to examine the export related matters. The committee will consist of central and state officers of revenue.
