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TMI BlogRecent changes in GSTX X X X Extracts X X X X X X X X Extracts X X X X ..... Recent changes in GST - By: - Mr. Ashwarya Agarwal - Goods and Services Tax - GST - Dated:- 22-11-2017 - - Liability for Registration 1. Threshold exemption of 20 Lac still remains the same subject to no inter-state supply. However an exemption has been given vide Not. 10/2017-CT which prescribes that persons making inter-State supplies of taxable services and having an aggregate turnover, to be computed on all India basis, not exceeding an amount of twenty lakh rupees in a financial year as the category of persons exempted from obtaining registration including inter-state supply; Filing of Return 2. Types of Returns to be filed Sl. Return Description ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Period GSTR 3B Provisional Return Monthly GSTR 1 Details of OUTWARD Monthly / Quarterly GSTR 2 Details of INWARD Monthly / Quarterly GSTR 3 Final Return Monthly / Quarterly GSTR 4 Composition Return Quarterly GSTR 5 Non-Resident TP ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Monthly GSTR 6 Input Service Distributor Monthly 3. GSTR 3B to be filed every month by ALL TAXPAYERS by 20th of the succeeding month till March, 2018 ( Not. 56/2017-CT) : S.No. Month 2017-18 Due date with PAYMENT October 20 th November 2017 November 20 th December 2017 December 20 th January 2018 January ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 20 th February 2018 February 20 th March 2018 March 20 th April 2018 4. Late fee for delay in filing of Form GSTR 3B : Period 2017-18 Late Fee July to September Waived for all October to March (Not. 64/2017-CT ) NIL Return: ₹ 20 per day Other: ₹ 50 per day 5. Late fee paid by the taxpayer for earlier returns shall be refunded as tax in e-cash ledger so that it can be used for discharge of tax liability; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6. FORM GSTR 1 to be filed to be filed in following manner till March, 2018 by taxpayer having (Not. 57 58/2017 -CT): a. Annual Aggregate T/O upto 1.5 Crore - QUARTERLY basis : Sl. Period 2017-18 Due Date Jul- Sep 31 st December 2017 Oct- Dec 15 th February 2018 Jan- Mar 30 th April 2018 b. Annual Aggregate T/O more than 1.5 Crore - MONTHLY basis : Sl. Period 2017-18 Dates ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... July - October 31 st December 2017 November 10 th January 2018 Decembe r 10 th February 2018 January 10 th March 2018 February 10 th April 2018 March 10 th May 2018 7. Filling of FORM GSTR-2 and FORM GSTR-3 for the period of July, 2017 to March 2018 would be worked out by a Committee of Officers. However, filing of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... GSTR-1 will continue for the entire period as mentioned above without requiring filing of GSTR-2 GSTR-3 for the previous month / period. (Not. 57 58/2017-CT ) 8. Extension of following due dates : Sl FORM and Details Original due date Revised due date 1 TRAN-1 ( Order No 09 10/2017-GST ) 30 th September 2017 27 th December 2017 (One-time option of revision also to be given till this date) 2 GSTR-4 for the quarter July - September, 2017 ( Not 59/2017-CT ) 18 th October 2017 24 th December 2017 3 GSTR-5 for July to October, 2017 ( Not. 60/2017-CT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) 20 th of next month or 7 days from the last date of registration whichever is earlier 11 th December 2017 4 GSTR-5A for July to October, 2017 ( Not. 61/2017-CT) 20 th of next month 15 th December 2017 5 GSTR-6 for July, 2017 August to October, 2017 to be notified ( Not. 62/2017-CT) 13 th August 2017 31 st December 2017 6 GST ITC-04 for the quarter July-September, 2017 ( Not. 63/2017-CT ) 25 th October 2017 31 st December 2017 9. RCM on Unregistered Expenses All the taxpayers have been exempted vide Not. 38/2017-CT(R) from payment of tax on unregister ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed expenses w.e.f 13 th October 2017. The present exemption is provided till 31 st March 2018. Composition Scheme 10. Limit for application for Composition Tax payer has been increased to ₹ 1 Crore ( Not. 46/2017-CT ) 11. Order No. 01/2017-CT issued to provide that a person can opt for composition scheme even if he has income from exempt services including services by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount. In computing his aggregate turnover in order to determine his eligibility for composition scheme, value of supply of any exempt services including services by way of extending deposits, loans or advances in so far as the conside ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ration is represented by way of interest or discount, shall not be taken into account. 12. Tax liability on Advance ( Not. 66/2017-CT ) Exemption has been given to all the suppliers of GOODS (Except Composition Dealer) from payment of GST on Advance received from their buyer. This exemption is not applicable to any advance received before 15 th November 2017. Earlier this exemption was given only to small units having T/O less than 1.5 crore. Export Refund 13. rate of 0.10% on procurement of goods for export, subject to compliance of procedure as laid down in Not. 40/2017-CT(R ); 14. Details of export to be filed in Table 6A of Form GSTR 1 after filing of form GSTR 3B for every month; 15. Circular No. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 17/17/2017 dt. 15.11.2017 issued to describe the procedure for Manual filing and processing of refund claims in respect of zero-rated supplies. Required amendments have been made in the rules vide Not. 55/2017-CT to validate manual filing and processing of refund claims against export; 16. GST rate on sale of duty credit scripts reduced from 5% to 0% ( not. 35/2017-CT(R) ; Other Changes 17. Payment of tax @ 65% of the applicable GST rate on sale of Motor Vehicle purchased before 1 st July 2017 and where no ITC was taken in respect of Excise Duty or VAT paid on purchase of such vehicle; 18. The union cabinet has approved the establishment of the much-anticipated National Anti-profiteering Authority (NAA) to ensure the ben ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efits of such rate cuts are passed on to the consumers (Eg. Restaurant, FMCG, etc). Changes prescribed but not notified or enacted 19. Uniform Tax rate of 1% for both Trader Manufacturer ; 20. Supply of services by Composition taxpayer upto ₹ 5 lakh per annum will be allowed by exempting the same (Eg. Trader getting Income from Commission / Rent ); 21. Composition scheme limit to be increased to ₹ 1.5 crore (can be extended to ₹ 2 crore later). - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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