GST Updates

GST updates

Dear All,

 

New Notifications issued to implement GST in India w.e.f. 01st July 2017.

 

Highlights of GST Council issued new notification :

 

  1. 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.

 

  1. 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.

 

  1. Rate of Interest@ 18% / 24%

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