GST council approves 5 set of rules including anti-profiteering

Relaxation of 2 months given for filing of GST returns

by Natasha Nadkar

The GST council has approved five rules dealing with appeals and revisions, assessments, anti-profiteering, advance rulings and funds settlement in its 17th meeting held on 18 June 2017. Rules regarding e-way bill could not be finalised. Hence, states will continue with the existing provisions until a final decision on e-way bill is being taken. The time for filing invoice-wise returns has been extended for the first two months after the GST rollout. Additional time has been provided for obtaining registration while no penalty will be charged for late filing of returns. A five-member anti-profiteering body will be setup with a sunset date of two years. The threshold of turnover for availing composition scheme has been reduced to Rs.5 million for North Eastern states. GST paid on ship imports has been allowed as credit. According to the finance minister Arun Jaitley, the GST will be officially launched on the midnight of 30 June 2017. The next GST council meeting is scheduled on 30 June 2017.

GST rates as decided on 18 June 2017
Goods & Services Tax rate (%)
Dried singhada & makhana 5
Lottery  
     Run by state govts 12
     Authorised by state govts 28
Restaurants in five-star hotels 18*
Hotels**  
     Room tariff Rs.2,500-7,500 18
     Room tariff < Rs.7,500 28
*Tax rate reduced from 28%
**Change in room tariff limit

References
1. http://www.cbec.gov.in/resources//htdocs-cbec/gst/decisions_taken_gst_17th_meeting_17.06.2017_revised.pdf
2. http://www.cbec.gov.in/resources//htdocs-cbec/gst/decision-of-gst-council-composition-levy.pdf
3. http://pib.nic.in/newsite/erelcontent.aspx?relid=165735
CMIE STATISTICS
Unemployment Rate
Per cent
3.6 +0.1
Consumer Sentiments Index
Base September-December 2015
95.8 0.0
Consumer Expectations Index
Base September-December 2015
96.8 0.0
Current Economic Conditions Index
Base September-December 2015
94.1 0.0
Quarterly CapeEx Aggregates
(Rs.trillion) Sep 16 Dec 16 Mar 17 Jun 17
New projects 2.37 1.46 2.93 1.64
Completed projects 2.23 0.94 1.83 1.10
Stalled projects 0.65 1.01 0.35 2.45
Revived projects 0.91 0.17 0.62 0.29
Implementation stalled projects 0.37 0.81 0.33 0.64
Updated on: 19 Aug 2017 8:20PM
Quarterly Financials of Listed Companies
(% change) Sep 16 Dec 16 Mar 17 Jun 17
All listed Companies
 Income 2.1 6.2 10.3 10.1
 Expenses 1.9 6.4 11.9 10.1
 Net profit 14.6 40.3 17.6 -16.3
 PAT margin (%) 6.9 6.1 6.1 6.0
 Count of Cos. 4,495 4,497 4,400 2,770
Non-financial Companies
 Income 0.6 6.0 11.8 10.8
 Expenses -0.2 7.3 15.6 10.7
 Net profit 26.6 24.6 -1.4 -21.0
 PAT margin (%) 6.9 6.2 6.3 6.0
 Net fixed assets -9.2 7.6
 Current assets 8.1 2.2
 Current liabilities 11.6 8.6
 Borrowings 3.1 4.9
 Reserves & surplus 8.4 6.5
 Count of Cos. 3,481 3,487 3,421 2,031
Numbers are net of P&E
Updated on: 19 Aug 2017 8:30PM
Annual Financials of All Companies
(% change) FY13 FY14 FY15 FY16
All Companies
 Income 12.6 10.0 4.9 1.0
 Expenses 12.8 9.8 5.0 1.2
 Net profit 0.9 -2.3 1.3 -15.2
 PAT margin (%) 3.5 3.2 3.2 3.0
 Assets 14.3 12.3 9.3 8.8
 Net worth 9.6 9.6 8.8 7.6
 RONW (%) 6.8 6.2 6.1 5.3
 Count of Cos. 25,384 22,944 22,236 18,452
Non-financial Companies
 Income 11.9 9.7 4.1 0.0
 Expenses 12.2 9.3 4.2 -0.6
 Net profit -8.6 -2.6 -6.1 6.3
 PAT margin (%) 2.4 2.2 2.2 2.7
 Net fixed assets 12.9 11.6 13.0 13.9
 Net worth 7.8 8.6 7.4 6.9
 RONW (%) 5.5 5.1 4.9 5.6
 Debt / Equity (times) 1.1 1.1 1.1 1.0
 Interest cover (times) 2.1 2.0 1.9 2.0
 Net working capital cycle (days) 72 69 67 67
 Count of Cos. 19,804 18,286 17,814 15,125
Numbers are net of P&E
Updated on: 04 Aug 2017 3:37PM

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