The GST Council, in its meeting held on 11th June, 2017, had recommended increase in the turnover limit for Composition Levy for CGST and SGST purposes from Rs.50 lakh to Rs.75 lakh for all eligible registered persons. However, no clear view was taken as to whether or not this increased turnover limit will apply in case of Special Category States.
. It has been decided in respect of the service of transport of goods by a vessel that GST rate of 5% will be available with ITC in respect of input services and GST paid on ships, vessels including bulk carriers and tankers.
With the objective of ensuring smooth rollout of GST and taking into account the concerns expressed by the trade and industry regarding filing of the returns in GST regime, it has been decided that, for the first two months of GST implementation, the tax would be payable based on a simple return (Form GSTR-3B) containing summary of outward and inward supplies which will be submitted before 20th of the succeeding month.
The statutory provisions relating to transitional phase under GST is governed by Chapter XX of the Central Goods and Services Tax Act 2017. The following sections have been referred in the said chapter
Provision of Section 72(2) clause (a-e) shall not applicable on following Companies: 1) Which accept from its members monies not exceeding 100% percent of aggregate of the paid up share capital, free reserves and Securities Premium account; or 2) Which is a start-up, for fiv
Section 149(1) of the Act, 2013- Every company shall have a Board of Directors consisting of individuals as directors and shall have- a minimum number of three directors in the case of a public company, two directors in the case of a private company, and one director in the case of a One Person Company; and a maximum of fifteen directors:
Where more than one registered persons are having same permanent account number (PAN), the registered person shall not be eligible to opt for Composition Levy unless all such registered persons opt to pay tax under the said composition levy.
Dear Reader, this document is solely intended for the beginners of GST, this helps to have basic understanding of GST. I made this discussion as Question and Answer type. I had put all the basic questions possible and answered the same. Happy learning.
ASSESSMENT IN GST Type of Assessment under GST Self Assessment Provisional Assessment Scrutiny Assessment Summary Assessment in special cases Assessment of Non Filers of return Assessment of unregistered Dealer Self Assessment When Applicable:- Every registered person shall self assess the taxes payable and furnish a return. Provisional Assessment When Applicable:- In case the taxable person […]
Composition Levy – Section 10 of CGST Act- 1. The Composition Scheme for small businesses has been provided to help them with maintaining minimal compliance. 2. This Composition Scheme will make compliance with tax laws hassle free for eligible businesses opting for the scheme.
