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19 May 2017

The crucial 14th GST Council meeting at Srinagar on May 18 &19, 2017 has set the ball rolling for the GST rollout targeted for July 1, 2017 with the finalization of GST rate schedule for goods [around 1200 products] and services.

Apart from the rates, the Classification Scheme for Services under GST based on Service codes has been prescribed along with the list of services on which GST would be paid under revere charge. The list covers 18 services which are broadly grandfathered from the existing list with 100% liability to be discharged by the recipient.

Further, the GST Council has also finalized the GST Compensation cess on notified goods.

We, at BDO, have summarised the key highlights.

Download to read in detail.