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Current Affairs on GSTGovernment is keen to roll out GST regime from 1st July, 2017, crucial GST Council meeting was held on 04th March,2017, outcome of the meeting as below:

1. Council approved the final draft of Central GST and Integrated GST, will submitted in Parliament for approval in coming Budget Session start from 9th March,2017.
2. State GST and Union Territory GST (U-GST) laws will take up for approval in next meeting being held on 16th March,2017.
3. State GST laws will have to be passed by each of the state legislative assemblies.
4. The GST council fixed a 5% (2.5% Central + 2.5% State) GST rate on Small hotels,restaurants and dhabas with an annual turnover of up to Rs.50 lakh, and will conver under GST Composition Scheme.
5. GST council decided that GST composition scheme would be applicable on trading and manufacturing units with threshold limit of Rs. 50 lakh turnover.Small traders below turnover Rs. 50 lakh can pay taxes at floor rate of 1% and manufacturer can pay @ 2%, which is lower than the GST rate.
6. GST council decided for Services under Composition scheme would pay taxes at 5%.
7. Revised GST law have a clause to enable levy of cap rate @ 40% (20 % CGST + 20% SGST), but the effective rate would be remain as earlier approved levels of 5, 12, 18, 28 percent.
8. Council also given tax payment option by taxpayer to pay in installment to mitigate financial crunches.
9. Exemption given to Small business entity with annual turnover of below Rs. 20 lakh, from registration under GST regime.But registration option will be opened to get credit of the ITC chain.
10. An agriculturist – who supplies produce out of the cultivation of land, will be exempted from registration under GST.
11. Council also decided that 90% of the refunds claim by exporter will be made within 7 days of filing application.
12. Council informed that about 20 lakh tax officers across the country in line with their ranks, training session for GST being started in different cities since September.

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