As the India Inc is coping with new compliances under GST, Government giving relief has extended deadline for filing GSTR1 Returns (Sales) to October.
GST Council has also changed GST Rates for 30 Items. While GST for 1200cc petrol and 1500 cc diesel cars remain the same, the GST rates for midsize cars increased from 43% to 45%, and Large cars from 43% to 48%. On SUVs, total tax raised from 43% to 50%. There was no increase in total tax on 13-seater vehicles.
GST council has decided to exempt small traders with turnover below 20 lakh selling handicraft outside their state from registration under GST. Any trader doing InterState transactions is required to be registered under GST.
The FM said, for July the GST collection has been Rs 95,000 crore with 70% of registered entities have filed the returns.