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
|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|
Due date with PAYMENT
|October||20th November 2017|
|November||20th December 2017|
|December||20th January 2018|
|January||20th February 2018|
|February||20th March 2018|
|March||20th April 2018|
4. Late fee for delay in filing of Form GSTR 3B:
|July to September||Waived for all|
|October to March||NIL Return: ₹ 20 per day|
|Other: ₹ 50 per day|
5. Late fee paid by the taxpayer for earlier returns shall be refunded as tax in e-cash ledger so that it can be used for discharge of tax liability;
a. Annual Aggregate T/O upto 1.5 Crore – QUARTERLY basis:
|Jul- Sep||31st December 2017|
|Oct- Dec||15th February 2018|
|Jan- Mar||30th April 2018|
b. Annual Aggregate T/O more than 1.5 Crore – MONTHLY basis:
|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:
|Sl||FORM and Details||Original due date||Revised due date|
|1||TRAN-1||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 month||15th December 2017|
|5||GSTR-6 for July, 2017 August to October, 2017 to be notified (Not. 62/2017-CT)||13th August 2017||31st December 2017|
|6||GST ITC-04for the quarter July-September, 2017||25th October 2017||31st December 2017|
9. RCM on Unregistered Expenses
All the taxpayers have been exempted vide Not. 38/2017-CT(R) from payment of tax on unregistered expenses w.e.f 13th October 2017. The present exemption is provided till 31st March 2018.
10. Limit for application for Composition Tax payer has been increased to ₹ 1 Crore (Not. 46/2017-CT)
11. Order No. 01/2017-CT issued to provide that a person can opt for composition scheme even if he has income from 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.
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.
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 );
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 Not. 55/2017-CT to validate manual filing and processing of refund claims against export;
16. GST rate on sale of duty credit scripts reduced from 5% to 0% (not. 35/2017-CT(R);
17. Payment of tax @ 65% of the applicable GST rate on sale of Motor Vehicle purchased before 1st July 2017 and where no ITC was taken in respect of Excise Duty or VAT paid on purchase of such vehicle;
18. The union cabinet has approved the establishment of the much-anticipated National Anti-profiteering Authority (NAA) to ensure the benefits of such rate cuts are passed on to the consumers (Eg. Restaurant, FMCG, etc).
Changes prescribed but not notified or enacted
19. Uniform Tax rate of 1% for both Trader & Manufacturer;
20. Supply of services by Composition taxpayer upto ₹ 5 lakh per annum will be allowed by exempting the same (Eg. Trader getting Income from Commission / Rent );
21. Composition scheme limit to be increased to ₹ 1.5 crore (can be extended to ₹ 2 crore later).