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
4.6 -0.0
Consumer Sentiments Index
Base September-December 2015
95.8 -0.2
Consumer Expectations Index
Base September-December 2015
94.8 -0.3
Current Economic Conditions Index
Base September-December 2015
97.3 0.0
Quarterly CapeEx Aggregates
(Rs.trillion) Dec 16 Mar 17 Jun 17 Sep 17
New projects 2.33 3.82 2.07 1.04
Completed projects 1.01 1.94 1.16 1.00
Stalled projects 1.13 0.73 2.67 0.67
Revived projects 0.18 0.67 0.30 0.29
Implementation stalled projects 0.83 0.33 0.68 0.62
Updated on: 12 Dec 2017 4:20PM
Quarterly Financials of Listed Companies
(% change) Dec 16 Mar 17 Jun 17 Sep 17
All listed Companies
 Income 6.2 10.2 9.8 8.4
 Expenses 6.3 11.9 10.0 9.7
 Net profit 40.2 16.0 -19.6 -17.7
 PAT margin (%) 6.0 6.0 5.3 5.8
 Count of Cos. 4,509 4,444 4,318 3,364
Non-financial Companies
 Income 5.9 11.8 10.4 8.4
 Expenses 7.2 15.6 10.6 8.4
 Net profit 24.5 -2.3 -25.0 -5.0
 PAT margin (%) 6.2 6.2 5.2 6.6
 Net fixed assets 6.9 9.5
 Current assets 2.6 2.4
 Current liabilities 8.8 10.4
 Borrowings 4.8 3.3
 Reserves & surplus 6.3 8.0
 Count of Cos. 3,484 3,440 3,352 2,533
Numbers are net of P&E
Updated on: 12 Dec 2017 4:20PM
Annual Financials of All Companies
(% change) FY14 FY15 FY16 FY17
All Companies
 Income 10.0 5.2 1.1 6.7
 Expenses 9.9 5.2 1.2 6.9
 Net profit -2.3 1.4 -13.1 20.6
 PAT margin (%) 3.2 3.2 2.9 6.4
 Assets 12.3 9.4 9.7 8.6
 Net worth 9.6 8.7 10.6 7.9
 RONW (%) 6.2 6.1 5.1 9.2
 Count of Cos. 24,045 23,818 20,791 4,756
Non-financial Companies
 Income 9.7 4.3 0.1 6.7
 Expenses 9.3 4.5 -0.6 7.5
 Net profit -2.7 -5.8 11.6 14.6
 PAT margin (%) 2.2 2.1 2.6 6.3
 Net fixed assets 11.6 13.3 15.5 7.3
 Net worth 8.1 7.1 11.0 6.3
 RONW (%) 5.1 4.9 5.4 10.3
 Debt / Equity (times) 1.1 1.1 1.1 0.7
 Interest cover (times) 2.0 1.9 2.0 3.4
 Net working capital cycle (days) 69 67 66 49
 Count of Cos. 19,288 19,270 17,281 3,624
Numbers are net of P&E
Updated on: 04 Dec 2017 11:59AM

Data added for HPI at Assessment prices and HPI at Market prices