Due Dates of GST Returns Decided in 23rd GST Council Meeting held on 10th November, 2017
Due Date for filling of details in Form GSTR 1 for the period of July 2017-March 2018, are given below- (a) Taxpayers with annual aggregate turnover up to Rs. 1.5 Crore need to file GSTR-1 On Quarterly basis as per following frequency- Period Dates Jul- Sep 31st Dec 2017 Oct- Dec 15th Feb 2018 Jan- Mar 30th April 2018 (b) Taxpayers with annual aggregate turnover more than 1.5 Crore need to file GSTR-1 on monthly basis as per following frequency- Period Dates Jul- Oct 31st Dec 2017 Nov 10th Jan 2018 Dec 10th Feb 2018 Jan 10th Mar 2018 Feb 10th Apr 2018 Mar 10th May 2018 GSTR-4, Quarterly return for compounding taxable person has been extended from 18.10.2017 to 24.12.2017. GSTR-5, Return for Non-Resident foreign taxable person has been extended from 20.08.2017 or 7 days from last date of registration whichever is earlier to 11.12.2017. GSTR-5A (Details of supplies of online information and database access or retrieval services by a person located outside India made to non-taxable persons in India ) for the months of July to October, 2017 upto 15.12.2017. GSTR-6, Return for Input Service Distributor for July, 2017 has been extended from 13.08.2017 to 31.12.2017. GST-ITC 04 - Details of goods/capital goods sent to job worker and received back, has been extended from 30.11.2017 to 31.12.2017. TRAN-1 due date of filling of return has been extended from 30.09.2017 to 31.12.2017(Onetime option of revision also to be given till this date)
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Late fees Decided in 23rd GST meeting Council
From the month of Oct,2017 Onward, the amount of late fee payable has been reduced from Rs. 200 per day (Rs 100 per day each under CGST & SGST Acts) to the following amounts 1 - Taxpayers whose tax liability for the concerned month was NIL Rs 20/- per day (10/- per day each under CGST & SGST Acts) 2. For all other taxpayers (other than mentioned in (a) )Rs.50/- per day (Rs.25/- Per day each under CGST &SGST Acts) Late fee have been waived for the month of July, August & September,2017 where such late fee was paid, it will be re-credited to their Electronic cash Ledger under “Tax” head.
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Changes recommended in Composition Scheme
i.Uniform rate of tax @ 1% under composition scheme for manufacturers and traders (for traders, turnover will be counted only for supply of taxable goods). No change for composition scheme for restaurant. ii. Supply of services by Composition taxpayer upto Rs 5 lakh per annum will be allowed by exempting the same. iii. Annual turnover eligibility for composition scheme will be increased to Rs 2 crore from the present limit of Rupees 1 crore under the law. Thereafter, eligibility for composition will be increased to Rs. 1.5 Crore per annum. iv.The changes recommended by GST Council at above will be implemented only after the necessary amendment of the CGST Act and SGST Acts.
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Exports of services to Nepal and Bhutan will also be eligible for claiming ITC
Exports of services to Nepal and Bhutan have already been exempted from GST. It has now been decided that such exporters will also be eligible for claiming Input Tax Credit in respect of goods or services used for effecting such exempt supply of services to Nepal and Bhutan
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Gifts not exceeding INR 50,000/- in value in a financial year by an employer to an employee shall not be treated as supply of goods or services or both.
Under GST regime, gifts not exceeding INR 50,000/- in value in a financial year by an employer to an employee shall not be treated as supply of goods or services or both. It may be noted that this limit of Rs. 50,000/- is per employee per year and not for all employees taken together. It is also important to note that input tax credit shall not be available in respect of such gifts.
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Gst rates on traders dealing in used vehicles, goods and consumer durables etc.
Under the GST regime, retailers and traders dealing in used vehicles, goods and consumer durables etc. will come under taxation and as such sellers will have to pay GST at the same rate as in ordinary course.
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OPEN MARKET VALUE
The full value in money, excluding the IGST, CGST, SGST, UTGST and Cess to obtain supply at the same time when the supply being valued is made. e.g. Where a new phone is supplied for Rs.20000 along with the exchange of an old phone and if the price of the new phone without exchange is Rs.24000, the open market value of the new phone is Rs 24000.
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Changes recommended for filling form GSTR-1
1.Taxpayers, who have opted for quarterly filling of Form GSTR 1, can’t change this option in the remaining part of the financial year 17-18. 2.Taxpayers who have filled Form GSTR 1 for July 2017, then they have to file GSTR 1 for the month of Aug & Sep, by choosing the return period ‘September 2017 GSTR 1 and if the taxpayers have not filed Form GSTR 1 for the month July 2017, you will have to file Form GSTR 1 for July 2017 and then file Form GSTR 1 for Aug & Sep, by choosing the return period ‘September 2017 GSTR 1. 3.Form GSTR 1 for filling next quarterly return (Oct to Dec 2017), will be made available after Dec 2017.
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