On 15th November 2017, Government of India had issued 12 notifications (CGST) issued to give effect to 23rd General council meeting decisions.
Though few of them related to extension of due date for filing of various GST returns which has already come as a new item, the most important ones impacting the business and trade are related to, availability of ITC on exports to Nepal and Bhutan, on documents issued by Insurance companies, banks and financial institutions which need not be in tax invoice format, Appeal procedures, Superintendent has the power to pass orders which was missing in Pre- GST regime, non-payment of GST on advances received from Customers against supply of Goods ,etc.
They have been extracted and decoded for easy understanding.
Delayed filing of GSTR3B will attract interest, penalty and fee for the months beginning from Jan 2018 only
Quarterly return for small taxpayers (1.5 cr. Turnover)
Extension of due dates for GSTR-1 for persons having T.O of more than Rs.1.5 crores.
Due date of GSTR-4 (July to Sep’17) extension for persons under composition to 24th Dec ’17
Due date of GSTR-5 (July to Oct’17) extension for non -Resident taxable persons till 11th Dec 2017
Due date of GSTR-5A (July to Oct’17) extension for OIDAR persons till 15th Dec 2017
ISD – Due date of GSTR-6 for July 17 extended to 31/12/2017. For Aug,Sep and Oct will be notified.
Return by a principal on transactions with the job worker in Form ITC-04. Due date extended to 31/12/2017
Late fee is limited to Rs.25/ per day for those who are liable to furnish Nil return from Oct 2017 on wards
Persons with less than Rs.20 L T.O need not take GST registration if he makes supplies through E commerce operators.
Payment of GST on Advances received for supply of goods by a taxable person, Non-composite, with T.O of Rs.1.5 crores or more. Effective 15th Nov 2017, there is no need to pay tax on advances received against supply of goods by any taxable person.
For Advances received prior to 15/11/2017, the tax liability exists.