14th GST Council Meeting held on 18th & 19th May, 2017 at Srinagar, Jammu & Kashmir

With the series of GST Meetings, the 14th GST Council Meeting held in Srinagar, Jammu & Kashmir. The abstract of the meeting is as below:
1: Seven Sets of Draft rules dealing with Registration, Payment, Refund, Invoice, Debit & Credit Note, Input Tax Credit, Valuation and Composition till now have been given approval by the GST Council.  The remaining 2 GST Draft Rules on Transition Provisions and Returns are being sent for further legal vetting.
2: Near about 1211 items of goods and services have been taken into consideration out of which about 7% of the Goods and Services will fall under the exemption list, 14% will fall under the 5% rate slab, 17% will fall under 12% slab, 43% will fall under 18% rate slab and the remaining 19% under 28% rate slab.
3: About 12 services such as, Goods Transport Agency (GTA)  Services, services by an individual advocate or firm by way of legal services, services of director for a company or a body corporate, import of services, radio taxi or passenger transport services or aggregators providing services through Electronic Commerce Operator etc.,  will fall under the reverse charge mechanism have been approved by the GST Council.
4: Finance Minister Arun Jaitley said, "Most of the work related to roll out of GST has been completed. Only a few things remain. In goods category, six categories are still to be decided. The residuary rules will be put up for public comments and they need to be approved. We will also be looking at the presentation of the state of preparedness of the GSTN".