Goods and Services Tax – GST – By: – Ashwarya Agarwal – Dated:- 14-11-2017 – 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 FOR
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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 &
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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
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