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Recommendations made by the GST Council in the 23rd meeting at Guwahati on 10th November, 2017

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Recommendations made by the GST Council in the 23rd meeting at Guwahati on 10th November, 2017
By: Ashwarya Agarwal
November 14, 2017
  • Contents
I The return filing process is to be further simplified in the following manner:
 
1. FORM GSTR 3B to be filed every month by ALL TAXPAYERS by 20th of the succeeding month till March, 2018;
 
2. FORM GSTR 1 to be filed to be filed in following manner till March, 2018 by taxpayer having:
 
a. Annual Aggregate T/O upto 1.5 Crore - QUARTERLY basis:
   

Period

Dates

Jul- Sep

31st Dec 2017

Oct- Dec

15th Feb 2018

Jan- Mar

30th April 2018

 
b. Annual Aggregate T/O more than 1.5 Crore - MONTHLY basis:
 

Period

Dates

July - October

31st Dec 2017

November

10th Jan 2018

December

10th Feb 2018

January

10th Mar 2018

February

10th Apr 2018

March

10th May 2018

 
3. Filing 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 GSTR-1 will continue for the entire period as mentioned above without requiring filing of GSTR-2 & GSTR-3 for the previous month / period.
  
4. Late fee for delay in filing of FORM GSTR 3B for the Month of July, August & September 2017 was waived. For the assessee who had already paid the late fee, it shall be re-credited in their cash ledger as 'TAX' instead of 'fee' so that it can be used to discharge their future tax liabilities;
 
5. Late fee for delay in filing of FORM GSTR 3B  with NIL data for the Month of October 2017 and onwards will be ₹ 20 per day instead of ₹ 200 per day;
 
6. Export of services to Nepal and Bhutan are exempt from GST and have now been allowed to claim a refund of input tax credit paid, if any.
 
7. Extension of following due dates:
 

Sl

FORM and Details

Original due date

Revised due date

1

GST ITC-04 for the quarter

July-September, 2017

25.10.2017

31.12.2017

2

GSTR-4 for the quarter July-

September, 2017

18.10.2017

24.12.2017

3

GSTR-5 for July, 2017

20.08.2017 or 7 days from the last date of registration whichever is earlier

11.12.2017

4

GSTR-5A for July, 2017

20.08.2017

15.12.2017

5

GSTR-6 for July, 2017

13.08.2017

31.12.2017

6

TRAN-1

30.09.2017

31.12.2017 (One-time option of revision also to be given till this

date)

 
II Changes recommended in Composition Scheme
 
1. Uniform Tax rate of 1% for both Trader & Manufacturer;
 
2. Supply of services by Composition taxpayer upto ₹ 5 lakh per annum will be allowed by exempting the same (Eg. Trader getting Income from Interest / Commission / Rent );
 
3. Composition scheme limit to be increased to ₹ 1.5 crore (can be extended to ₹ 2 crore later);
 
III Changes in GST Rates of Good W.e.f. 15th Nov 2017
 
1. Only 5% GST (instead of 12% & 18%) on food bills in restaurants 
2. Reduced from 28% to 18% - Shampoo, Perfume, Tiles, watches, Furniture, Mattress, Sanitary ware  etc 
️3. Reduced from 28% to 12% - Wet grinders, tanks
4. Reduced from 18% to 12% - condensed milk, refined sugar, diabetic food, Medical Oxygen
5. Reduced from 18% to 5% - Chutney Powder, Fly Ash, Fly ash aggregate with 90% or more fly ash content
6. Reduced from 12% to 5% - Fly Ash Brick, Desiccated coconut, Idli dosa batter, coir products 
7. Reduced from 5% to nil - guar meal, khandsari sugar, dried vegetables
 
IV Changes in GST Rates of Service W.e.f. 15th Nov 2017
 
1. Standalone Restaurant and Restaurants in hotel premises having room tariff < ₹ 7500 will attract GST of 5% without ITC.
2. Restaurants in hotel premises having room tariff of ₹ 7500 and above and Outdoor Catering will attract GST of 18% with ITC
 
3. In order to obviate dispute and litigation, it is proposed that irrespective of whether permanent transfer of Intellectual Property is a supply of goods or service.-
(i) permanent transfer of Intellectual Property other than Information Technology software attracts GST at the rate of 12%; and
(ii) permanent transfer of Intellectual Property in respect of Information Technology software attracts GST at the rate of 18%.
 
I hope you find the same helpful.
 
With warm regards,
 
CA. Ashwarya Agarwal,
Rourkela

 

By: Ashwarya Agarwal - November 14, 2017

 

 

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