GST: GST Council Meeting on 16-03-2017 Key Points Summary

GST: GST Council Meeting on 16-03-2017 Key Points Summary, gst council meeting on 16-03-2017, gst council meeting result GST: GST Council Me

CA Deepak Gupta

Mar 17, 2017

Last update on Mar 17, 2017

GST: GST Council Meeting on 16-03-2017 Key Points Summary, gst council meeting on 16-03-2017, gst council meeting result

GST: GST Council Meeting on 16-03-2017 Key Points Summary*Proposed Cess* on aerated drinks and luxury automobiles capped at 15%, Pan Masala 135% and 290% on cigarettes. The proposed GST cess would be in addition to the imposition of GST at the highest rate of 28%. These Cess % are just a ceiling and the GST Council will decide how much cess is to be imposed in future.
Approved the State GST and Union Territory GST laws*. The other three Act namely the CGST Act, IGST Act and the Compensation Act were passed in earlier Council meetings.
Now *introduction of the legislations in Parliament* and state assemblies as early as next week. CGST, IGST and Compensation law is required to be passed by Lok Sabha and Rajya Sabha. The SGST and UT-GST to be passed in state Assembly.
Rules already Passed by Council- related to registration, payment, returns, invoice and refunds and *Rules required to be Passed by GST Council* related to composition and valuation.
Fitment of goods and services into various slabs* would be taken up by the Council in its next meeting.

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CA Deepak Gupta

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CA Deepak Gupta,is Co-founder of Studycafe. He is Microsoft Office Specialist and Corporate Trainer of AI Tools, Microsoft Excel. He is Finance Influencer having more than 250K followers on Social Media. CA Deepak Gupta, is Having more than 14 plus years of experience, and he has Worked with best brands Like, Hero, Wipro, Ericsson before Starting Studycafe. He has Trained more than 20000 Persons in Microsoft Excel, PowerPoint, Power BI, Google Sheet, Google Forms and Other Tools.