Recent changes in GST
By: – Ashwarya Agarwal
Goods and Services Tax – GST
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
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Return
Description
Period
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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. GS
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b. Annual Aggregate T/O more than 1.5 Crore – MONTHLY basis:
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Period 2017-18
Dates
*
July – October
31st December 2017
November
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:
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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)
20t
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far as the consideration is represented by way of interest or discount.
In computing his aggregate turnover in order to determine his eligibility for composition scheme, value of supply of any exempt services 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;
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