Dear Members,

Please find enclosed 5 press releases issued by the Ministry of Finance containing decisions of the GST Council taken on 21-07-2018. These PRs cover the following:

1. The council has recommended large no. of changes in the GST law which shall have to be placed before the parliament  and state assemblies for necessary action. 

2. The GST Council has recommended for opening up a window up to 31/08/2018 for Migration to GST for those who could  not do so earlier.

3.   Refund of accumulated credit on account of inverted duty structure to fabric manufacturers besides reduction of rates on  various goods.

4. Reduction and rationalization of rates on various services, including extending the exemption granted on outward  transportation of all goods by air and sea by another one year i.e. upto 30th September, 2019 as relief to the exporter  of goods.

5. Simplification of Returns including a provision for a quarterly return for those whose turnover is up to Rs. 5 crore.

A very important relief for the Fabric suppliers is allowing refund of accumulated ITC on account of inverted duty structure with prospective effect.

All the changes shall be effective only when relevant notifications are issued.