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GST revision: cotton quilts, corduroy fabric to cost less
Sep '17
The Goods and Services Tax (GST) Council, at its 21st meeting in Hyderabad, decided to reduce levy on 40 items, which include textile items like cotton quilts and corduroy fabric. The tax has been decreased after the fitment committee noticed anomalies in GST levied on these products. The Council also extended dates for filing GST returns.
Moreover, khadi fabric sold through Khadi & Village Industries Corporation (KVIC) shops have been exempted from GST, as per a list uploaded on the website of the Central Board of Excise and Customs (CBEC).
Cotton quilts costing up to Rs 1,000 will attract 5 per cent GST while those above Rs 1,000 will come under 12 per cent GST slab. The GST rate earlier was uniform at 18 per cent. The rate on sari fall and corduroy fabric has been lowered from 12 per cent to 5 per cent.
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 October 3.
Like-wise, 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-4A 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 also decided to set up a committee consisting of officers from both the Centre and the states under the chairmanship of the revenue secretary to examine the issues related to exports. The Council also decided to constitute a Group of Ministers to monitor and resolve the IT challenges faced during GST implementation. (RKS)

Fibre2Fashion News Desk – India

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