Author's notes and major changes as per recommendations made by GST council-
(official notification to be issued)
1- Composition scheme benefit increased from INR 75 lacs( INR 50 lacs special areas) now INR 1 CRORE (INR 75 lacs special areas),
2- The revised scheme will be available to both NEW or MIGRATED taxpayers up to 31 March 2018,
3- Persons who are otherwise eligible for availing the composition scheme and are providing any exempt service, shall be eligible for the composition scheme,
4- All SERVICE provider are now exempt from registration even making INTER STATE supplies and having total turnover upto 20 lacs (10 lacs in special areas),
5- Annual turnover upto 1.5 CRORE now need to file QUARTERLY return AND PAY TAX QUARTERLY ONLY i.e.GSTR -1 & 2 & 3 starting fro Oct-dec quarter,
6- Reg buyer however will be able to take ITC only MONTHLY basis,
7- Supplies from UNREGISTERED suppliers required RCM provisions has NOW been SUSPENDED until 31 March 2018,
8- Requirement to pay GST on advances received is no longer required for the persons having turnoer upto 1.5 crores,
9- Services provided to UNREG persons shall be exempted from GST which means RCM is no longer required to be paid in case GTA is registered and hence all existing provisions still applicable to all registered persons who receives supplies from GTA,
10- TDS/ TCS related registration and operations is now postponed upto 31 March 2018,
11- COMPOSITION scheme return for the quarter is now extended upto 15 Nov 2017,
ISD return is now extended upto 15 Nov 2017
For reading full press release please refer link - http://pib.nic.in/newsite/erelease.aspx?relid=171466
12- CERTAIN rates has been changed on goods/ services which can be referred using link - http://pib.nic.in/newsite/erelease.aspx?relid=171467
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(official notification to be issued)
1- Composition scheme benefit increased from INR 75 lacs( INR 50 lacs special areas) now INR 1 CRORE (INR 75 lacs special areas),
2- The revised scheme will be available to both NEW or MIGRATED taxpayers up to 31 March 2018,
3- Persons who are otherwise eligible for availing the composition scheme and are providing any exempt service, shall be eligible for the composition scheme,
4- All SERVICE provider are now exempt from registration even making INTER STATE supplies and having total turnover upto 20 lacs (10 lacs in special areas),
5- Annual turnover upto 1.5 CRORE now need to file QUARTERLY return AND PAY TAX QUARTERLY ONLY i.e.GSTR -1 & 2 & 3 starting fro Oct-dec quarter,
6- Reg buyer however will be able to take ITC only MONTHLY basis,
7- Supplies from UNREGISTERED suppliers required RCM provisions has NOW been SUSPENDED until 31 March 2018,
8- Requirement to pay GST on advances received is no longer required for the persons having turnoer upto 1.5 crores,
9- Services provided to UNREG persons shall be exempted from GST which means RCM is no longer required to be paid in case GTA is registered and hence all existing provisions still applicable to all registered persons who receives supplies from GTA,
10- TDS/ TCS related registration and operations is now postponed upto 31 March 2018,
11- COMPOSITION scheme return for the quarter is now extended upto 15 Nov 2017,
ISD return is now extended upto 15 Nov 2017
For reading full press release please refer link - http://pib.nic.in/newsite/erelease.aspx?relid=171466
12- CERTAIN rates has been changed on goods/ services which can be referred using link - http://pib.nic.in/newsite/erelease.aspx?relid=171467
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