Friday, 6 October 2017

Happy Diwali from Govt to Taxpayers with this special GST Damaka !

Recommendations made by GST Council in its 22nd meeting on 06th October’2017.

1.  Composition Scheme shell be made available to taxpayers having annual aggregate turnover upto Rs. 1 Crore against current threshold limit of Rs. 75 Lacs. In special category states it shall be Rs. 75 Lacs except J&K and Uttrakhand, where limit shall be Rs. 1 Crore. The facility of availing composition shall be available upto 31.03.2018.

2.  And this is what I shall call – A Diwali Gift from Govt to Small Taxpayers (Specially IT Professionals, Consultants, Trainers and other small Service Providers) :

Presently anyone (other than job workers) making inter-state taxable supplies, is compulsorily required to register irrespective of turnover, now it is decided to exempt those service providers having annual turnover less than Rs. 20 Lacs (Rs. 10 Lacs for Special Category States except J&K) from obtaining registration, even if they are making inter-state taxable supplies of services.

3.  Business with turnover less than Rs. 1.5 Crore, will file return (GSTR-1, 2 & 3) and pay taxes on Quarterly Basis, wef third quarter of FY 2017-18, i.e. Oct’17 to Dec’17 Quarter.

4.       RCM under Section 9(4) of CGST Act and Section 5(4) of IGST Act shall be suspended till 31.03.2018.

5.       Taxpayers with turnover upto Rs. 1.5 Crore need not to pay GST on advance received, but on supply of Goods.

6.       Services from GTA to URD shall be exempted.

7.       TDS/TCS  E-Way Bill System suspended upto 31.03.2018.

8.       Date of filing GSTR-4 (Composition Dealers) and GSTR-6 by ISD for July-Sep’17, shall be extended to 15.11.2017.






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