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Gist of various recommendations made at 23rd GST Council Meeting held on November 10, 2017

Goods and Services Tax - GST - By: - Bimal jain - Dated:- 13-11-2017 - Dear Sir/Ma am, Greetings of the day!! After the GST Council s decisions in its 23rd meeting, our Hon ble Prime Minister Narendra Modi tweeted that jan bhagidari was at the core of the government s functioning and all its decisions were people-inspired, people-friendly and people-centric . Indeed, the GST Council in its 23rd meeting has made sweeping changes to the present framework of GST, allowing taxpayers and small busine .....

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ouncil has come out with a string of deadline relaxations and lowering of penalty/ late fees for delayed filing of return along with an increase in the annual turnover threshold for the composition scheme to ₹ 1.5 crore (overall limit to be increased to ₹ 2 Cr) from the recently revised ₹ 1 crore. Taxpayers would file summary return in Form GSTR-3B along with payment of tax by 20th of the succeeding month till March, 2018. Further filing of GSTR 2 & 3 is done away with till .....

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er or not they were air-conditioned. Despite of these wholesale changes in GST rates and other procedures, we are still in the state of flux as to when the apparent flaws in the basic structure of GSTN portal will be sorted out. It is being stated that a committee under GSTN chairman Ajay Bhushan Pandey has been set up to look into the matter of making filing of GSTR-2 and GSTR-3 business friendly, but complete removal of all forms of technical glitches is still-to-watch scenario. Even after so .....

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s under for your easy digest: 1. Return Filing: GSTR-3B and GSTR-1 The return filing process is to be further simplified in the following manner: All taxpayers would file monthly return in Form GSTR-3B along with payment of taxes by 20th of the succeeding month till March, 2018. For filing of details in Form GSTR-1 till March 2018, taxpayers would be divided into two categories. Details of these two categories along with the last date of filing GSTR-1 are as follows: (a) Taxpayers with annual ag .....

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TR-3 for the previous month/ period till March, 2018 and the time period for filing GSTR-2 and GSTR-3 for the months 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 without requiring filing of GSTR-2 & GSTR-3 for the previous month/ period. A large number of taxpayers were unable to file their return in Form GSTR-3B within due date for the months of July, August and September, 2017. Late fees was waive .....

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7; 20/- per day (Rs. 10/- per day each under CGST & SGST Acts) instead of ₹ 200/- per day (Rs. 100/- per day each under CGST & SGST Acts) and for all other taxpayers, Rs. 50/- per day (Rs. 25/- per day each under CGST & SGST Acts) instead of ₹ 200/- per day (Rs. 100/- per day each under CGST & SGST Acts) . 2. Extension of dates for furnishing Forms Taking cognizance of the late availability or unavailability of some forms on the GSTN portal, it has been decided that t .....

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2017 4. GSTR-5A for July, 2017 by OIDAR Service Providers 20.08.2017 15.12.2017 5. GSTR-6 for July, 2017 by ISD 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) Revised due dates for subsequent tax periods will be announced in due course. 3. Manual Filing of Application for Advance Ruling A facility for manual filing of application for advance ruling is being introduced for the time being. 4. Further benefits for Service Provider .....

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ning registration even if they are making inter-State taxable supplies of services. As a further measure towards taxpayer facilitation, it has been decided to exempt such suppliers providing services through an e-commerce platform from obtaining compulsory registration provided their aggregate turnover does not exceed ₹ 20 lakhs. As a result, all service providers, whether supplying intra-State, inter-State or through e-commerce operator, will be exempt from obtaining GST registration, pro .....

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al Affairs. Relevant notifications for all of the above decisions will be issued shortly, so as to be effective from 15.11.2017. 6. Changes recommended in Composition Scheme Uniform rate of tax @ 1% under composition scheme for manufacturers and traders (Tax to be paid on Taxable turnover excluding exempt supply of goods). No change for composition scheme for restaurant. Composition Dealers will be allowed to make Supply of services upto ₹ 5 Lakhs per annum within overall limit of composit .....

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ract GST @5% without ITC. Food parcels (or takeaways) will also attract 5% GST without ITC. Restaurants in hotel premises having room tariff of less than ₹ 7500/- per unit per day will attract GST of 5% without ITC. Restaurants in hotel premises having room tariff of ₹ 7500/- and above per unit per day (even for a single room) will attract GST of 18% with full ITC. Outdoor catering will continue to be at 18% with full ITC. 8. Changes relating to GST rates on Other Services GST on ser .....

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tain other conditions. Exemption from IGST on imports of goods (other than motor vehicles) under a lease agreement if IGST is paid on the lease amount. To extend IGST exemption presently applicable to skimmed milk powder or concentrated milk, when supplied to distinct person under Section 25(4) for use in production of milk for distribution through dairy cooperatives to where such milk is distributed through companies registered under the Companies Act. Exemption from IGST on imports of specifie .....

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. These goods are to be re-exported after the specified use is over. 10. Other changes for simplification and harmonisation or clarification of issues To clarify that inter-state movement of goods like rigs, tools, spares and goods on wheel like cranes, not being in the course of furtherance of supply of such goods, does not constitute a supply. This clarification gives major compliance relief to industry as there are frequent inter-state movement of such kind in the course of providing services .....

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k consumer. 11. Rationalization of certain exemption entries - The existing exemption entries w.r.t. services provided by Fair Price Shops to the Central Government, State Governments or Union Territories by way of sale of food grains, kerosene, sugar, edible oil, etc. under Public Distribution System (PDS) against consideration in the form of commission or margin, is being rationalized so as to remove ambiguity regarding list of items and the category of recipients to whom the exemption is avai .....

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