GST updates 24th June'17

#GST updates 24th June'17 :

1. Registration is getting opened on 25th:

a) For Pending Migration Cases.

b) Where Provision ID could not be issued earlier, due to non-filing of return, or held by department on account of any recovery pending, tax not deposited or any other issue, will be issued fresh provisional id, that to be used for migrating on GST portal.

c) For Fresh (New) Registration eligible on 01st July'17. (Can apply till 31st July'17)

2. Registration will start from 01st July'17 for the cases where Tax Payer got registration under existing laws like Excise & Service Tax etc in the month of June'17 as provisional id to them will be issued in the first week of July'17 only.

3. Migrating Tax Payers can use their enrolled provisional ids as their GSTIN for three months from 01st July'17 to conduct their business.

4. To meet revised compensation target to states (Rs. 50K Cr estimated in FY15-16), cess can be put on more items.

5. Anti-profiteering rules will be used only as a measure of last resort.

6. Other than on Textile and Real Estate, Refund will be issued for Excess GST Paid in all other cases. (Situation when Input Tax Paid exceeds Output Tax payable).

7. From 01st July'17, On Import, Custom Duty and IGST (ITC allowed) would be Payable.

Thanks.