Goods and Services Tax – GST – By: – Pradeep Jain – Dated:- 17-11-2017 Last Replied Date:- 21-11-2017 – Recently 23rd GST council meeting has been held in which various decisions were declared. All the notifications were issued recently in this respect. Lets summarise this with the help of this update- Notification 66/2017 CT dated 15.11.2017 has been notified stating that all registered person other than person registered under composition scheme is not required to pay tax on advance received on supply of goods. The notification exempts all taxpayers from payment of tax on advances received in case of supply of goods. This notification has superseded the earlier notification no. 40/2017 CT dated 13.10.2017. This mean that the composition scheme dealer has to pay the taxes on advaces. All other assessee need not to pay the tax on advances. We are failed to understand why this provision has been kept for composition scheme? Secondly, this is applicable on supply of goods only and not s
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le is nil;says that there will be less liability the late fees will be paid as ₹ 10/- per day under CGST Act. The interpretation of this says that this less late fee will be payable if the liability of CGST is nil. If there is liability of IGST Act but no liability in CGST then also the less amount will be payable. Although it seems to be very absurd interpretation but notification reads like that only. In case there is tax to be paid then late fees is increased to ₹ 25/- per day. This late fees reduction is in respect of GSTR 3B. For the other returns, the normal late fee of ₹ 200/- per day will be payable. Due dates of many returns have been extended as follows vide notification- S. No. Notification No. FORM and Details Previous due date Revised due date 1 63/2017-Central Tax, dt. 15-11-2017 GST ITC-04 for the quarter July-September, 2017 25.10.2017 31.12.2017 2 62/2017-Central Tax, dt. 15-11-2017 GSTR-6 for July, 2017 for Input Service Distributor 13.08.2017 31.12.
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soon. Although the press conference by FM said that the GSTR-2 and GSTR-3 are deferred upto March 31, 2018 but the press release say that time limit will be decided soon. Meanwhile GSTR-1 can be continue to be filed without compulsion of filing GSTR-2 and GSTR-3 of previous month. Notification 57/2017-Central Tax ,dt. 15-11-2017 prescribes the due date for filing of GSTR 1 for assesses having turnover upto ₹ 1.5 crores on quarterly basis. Due dates of FORM GSTR-1 are prescribed as follows:- Tax period Due date Jul- Sep 31st Dec 2017 Oct- Dec 15th Feb 2018 Jan- Mar 30th April 2018 Time limit of filing GSTR-2 and GSTR-3 for the months of July, 2017 to March 2018 will be decided soon. Again there is dispute in press conference and press release. Notification 56/2017- CT, dt. 15-11-2017 states that FORM GSTR-3B along with payment of tax has been continued till March, 2018. It has to be filed by all the tax payers by 20th of the succeeding month. Although it was said earlier that the
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