Goods and Services Tax – GST – By: – Mr. Ashwarya Agarwal – 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 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 Monthly GSTR 6 Input Service Distributor Monthly 3. GSTR 3B to be filed every month by ALL TAXPAYERS by 20th of the succeeding month
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10th January 2018 December 10th February 2018 January 10th March 2018 February 10th April 2018 March 10th 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 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) 30th September 2017 27th 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) 18th October 2017 24th December 2017 3 GSTR-5 for July to October, 2017 (Not. 60/2017-CT) 20th of next month or 7 days from the last date of registration whichever is earlier 11th December 2017 4 GSTR-5A for July to October, 2017 (Not. 61/2017-CT) 20th of next mo
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ces including services by way of extending deposits, loans or advances in so far as the consideration 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 15th 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. 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
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