GST Pre-Diwali Reliefs
22nd
meeting of the GST Council has heralded some major, though temporary reliefs under
the Goods & Services Act (GST)!
meeting of the GST Council has heralded some major, though temporary reliefs under
the Goods & Services Act (GST)!
Highlights
GST on Reverse charge in respect of all intra-state &
inter-state supplies received from any supplier who is not registered has been
exempted from 13.10.2017 till 31.03.2018. This exemption shall apply to all
registered persons.
inter-state supplies received from any supplier who is not registered has been
exempted from 13.10.2017 till 31.03.2018. This exemption shall apply to all
registered persons.
Earlier exemption ceiling limit of Rs. 5,000/-
of aggregate value of intra-state supplies stands withdrawn.
of aggregate value of intra-state supplies stands withdrawn.
The ceiling limit of Rs. 5,000/- till
12.10.2017 will however remain applicable. [Notification No. 38/2017 – Central
Tax (Rate), dated 13.10.17 & Notification No. 32/2017 – Integrated Tax
(Rate), dated 13.10.17]
12.10.2017 will however remain applicable. [Notification No. 38/2017 – Central
Tax (Rate), dated 13.10.17 & Notification No. 32/2017 – Integrated Tax
(Rate), dated 13.10.17]
Even NGOs having turnover of goods and
services under the threshold limit of Rs. 20 Lakhs were affected under Reverse
Charge Mechanism. Hence, this exemption comes as a relief at least till 31st
March 2018.
services under the threshold limit of Rs. 20 Lakhs were affected under Reverse
Charge Mechanism. Hence, this exemption comes as a relief at least till 31st
March 2018.
The Central
Government has made the following amendments with regards to Composition Scheme:
Government has made the following amendments with regards to Composition Scheme:
Threshold
turnover increased to Rs. 1 Crore from Rs. 75 lac, and in notified state to 75
lac from 50 lac [Notification No. 46/2017 – Central Tax dated 13.10.2017]
turnover increased to Rs. 1 Crore from Rs. 75 lac, and in notified state to 75
lac from 50 lac [Notification No. 46/2017 – Central Tax dated 13.10.2017]
Persons who are
otherwise eligible for availing the composition scheme and are providing any
exempt service shall be eligible for the composition scheme. Further for
computing aggregate turnover in order to determine eligibility for composition
scheme, value of supply of such exempt services shall not be taken into
consideration.
otherwise eligible for availing the composition scheme and are providing any
exempt service shall be eligible for the composition scheme. Further for
computing aggregate turnover in order to determine eligibility for composition
scheme, value of supply of such exempt services shall not be taken into
consideration.
Last date for
filing the return by composition dealer for the quarter July – September, 2017
extended to 15.11.2017.
filing the return by composition dealer for the quarter July – September, 2017
extended to 15.11.2017.
Unregistered
service provider having turnover up to Rs. 20 lac can now provide interstate taxable
supplies of services. [Notification No. 10/2017-Integrated Tax dated
13.10.2017.]
service provider having turnover up to Rs. 20 lac can now provide interstate taxable
supplies of services. [Notification No. 10/2017-Integrated Tax dated
13.10.2017.]
Taxpayers having
turnover up to Rs. 1.5 Crore and not registered under composition scheme are
not required to pay tax on advance received for supply of goods. [Notification
No. 40/2017- Central Tax dated 13.10.2017.]
turnover up to Rs. 1.5 Crore and not registered under composition scheme are
not required to pay tax on advance received for supply of goods. [Notification
No. 40/2017- Central Tax dated 13.10.2017.]
Invoice
Rules have been modified [Notification No. 45/2017 – Central Tax dated
13.10.2017] to provide relief to certain classes of registered persons.
Rules have been modified [Notification No. 45/2017 – Central Tax dated
13.10.2017] to provide relief to certain classes of registered persons.
As per new rule
46A where a registered person is supplying taxable as well as exempted goods or
services or both to an unregistered person, a single “invoice –cum-bill of
supply” may be issued for all such supplies.
46A where a registered person is supplying taxable as well as exempted goods or
services or both to an unregistered person, a single “invoice –cum-bill of
supply” may be issued for all such supplies.
Extension in
various return filing dates
various return filing dates
Last date for
filing the return by input service distributor for the months of July, August
and September, 2017 has been extended till 15.11.2017. [Notification No.
43/2017 – Central Tax dated 13.10.2017]
filing the return by input service distributor for the months of July, August
and September, 2017 has been extended till 15.11.2017. [Notification No.
43/2017 – Central Tax dated 13.10.2017]
Last date for
filing the return by OIDAR service provider for the months of July, August and
September, 2017 has been extended till 20.11.2017. [Notification No. 42/2017 –
Central Tax dated 13.10.2017]
filing the return by OIDAR service provider for the months of July, August and
September, 2017 has been extended till 20.11.2017. [Notification No. 42/2017 –
Central Tax dated 13.10.2017]
Last date for
filing return by registered persons, who have become eligible to avail ITC
under Section 18(1) of the CGST Act, 2017 during the months of July, August and
September, 2017 has been extended till 31.10.2017. [Notification No. 44/2017 –
Central Tax dated 13.10.2017]
filing return by registered persons, who have become eligible to avail ITC
under Section 18(1) of the CGST Act, 2017 during the months of July, August and
September, 2017 has been extended till 31.10.2017. [Notification No. 44/2017 –
Central Tax dated 13.10.2017]