New Notifications issued to implement GST in India w.e.f. 01st July 2017.
Highlights of GST Council issued new notification :
- Reverse charge from unregistered to registered exempted upto5000 per day from all suppliers.Kindly note it is not per supplier, it is from all the unregistered suppliers.
- 8 digit coding system for HSN is not required in any case.Only 4 digitfor more than 5 crore turnover. 2 digit from 1.5 to 5 cr. Below 1.5 cr no HSN.
- Rate of Interest@ 18% / 24%