Summary Of Amendment In GST Of 23rd GST Council Meeting
| # | Relevant Act | Amendment | Notification No. |
| 1 | CGST | All taxpayers are exempted from tax payment of Tax on advance received in case of supply of Goods. | Notification No. 66/2017 –Central Tax |
| 2 | CGST | E-Commerce operator who’s turnover does not exceed Rs. 20 Lacs (Rs.10 Lacs in specified state) need not required to register under GST. (Prior to this amendment, E-commerce Operator was required compulsory registration.) | Notification No. 65/2017 –Central Tax |
| 3 | CGST | Late fees payable is reduced from Rs. 200/- to Rs. 50 for who’s turnover is below to Rs. 1.5 Crore from October on wards, Provided further where the total amount of CGST or SGST payable is nil, late fees will Rs.20 Per Day from October on wards. | Notification No. 64/2017 –Central Tax |
| 4 | CGST | ITC-04 due date has been revised from 30.11.2017 to 31.12.2017 | Notification No. 63/2017 –Central Tax |
| 5 | CGST | Form GSTR-6 due date for July month has been extended to 31.12.2017 from 30.11.2017 | Notification No. 62/2017 –Central Tax |
| 6 | CGST | Form GSTR-5A for the month of July, August, September and October 2017 has to be filed by 15.12.2017 | Notification No. 61/2017 –Central Tax |
| 7 | CGST | Form GSTR-5 for the month of July, August, September and October 2017 has to be filed by 11.12.2017 | Notification No. 60/2017–Central Tax |
| 8 | CGST | Form GSTR-4 for the Q2 (Jul to Sept) to be filed by 15.12.2017. | Notification No. 59/2017 –Central Tax |
| 9 | CGST | Due date Extended for the furnishing of FORM GSTR-1 for those taxpayers with aggregate turnover of more than Rs. 1.5 crores. (Refer Notification for Due date) | Notification No. 58/2017–Central Tax |
| 10 | CGST | Taxpayers with aggregate turnover of up to Rs. 1.5 crore filed quarterly GSTR-1. (Refer Notification for Due date) | Notification No. 57/2017–Central Tax |
| 11 | CGST | Form GSTR-3B compulsory to be filed till March, 2018. | Notification No. 56/2017–Central Tax |
– OTHER CHANGES –
1. Composition scheme limit to be increased to Rs 1.5 crore (can be extended to Rs 2 crore later). (Yet to be notified)
2. 1 % GST rate for manufacturers & traders*. (Yet to be notified)
3. Composition tax of 1% on turnover of taxable goods (turnover of exempted goods to be excluded). (Yet to be notified)
4. Those supplying goods and services (services not exceeding Rs 5 lakhs in total) eligible for compositions scheme*. (Yet to be notified)
5. All service providers with turnover up to Rs 20 lakhs exempt from GST registration. Including those who supply inter-state or supply through e-commerce operator, such service providers do not have to register.
6. All stand-alone restaurants, whether air conditioned or not, will attract 5% GST without ITC.
Author Bio
Sudam Dhanawade says:
December 16, 2017 at 10:58 am
Noti. No. 40/2017 Dtd. 23.10.2017 applicable for Merchant Exporters under GST 0.1 % for goods also applicable for Services ?? please reply requested to reply
Noti. No. 40/2017 Dtd. 23.10.2017 applicable for Merchant Exporters under GST 0.1 % for goods also applicable for Services ?? please reply
Point no. 8 ….kindly make the correction.
GSTR 4 due date has been extended to 24.12.17 ……..