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.

Notification No. 55/2017-Central Tax, dt. 15-11-2017

  • Aggregate exempt supplies exclude supplies to Nepal and Bhutan resulting in non-reversal of ITC on inputs and availing the option of claiming depreciation on tax component under Income Tax Act,1961.
  • Insurance Co, Banks, Financial Institutions, now, has the option of issuing tax invoice which is hither to mandatory
  • manual filing and processing of application, intimation, reply, declaration, statement or issuance of the said notice, order or certificate in such Forms
  • For an order passed by additional or Joint Commissioner, appeal lies before Commissioner(Appeals)
  • For an order passed by Deputy or Assistant Commissioner or Superintendent, appeal lies before Additional Commissioner (Appeals).
  • In both the cases time limit three months. In case od department appeal it is six months
  • Termination of chairman and technical member of council
  • Format of manual refund application and refund order

Notification No. 56/2017-Central Tax, dt. 15-11-2017

Delayed filing of GSTR3B will attract interest, penalty and fee for the months beginning from Jan 2018 only

Notification No. 57/2017-Central Tax ,dt. 15-11-2017

Quarterly return for small taxpayers (1.5 cr. Turnover)

Notification No. 58/2017-Central Tax ,dt. 15-11-2017

Extension of due dates for GSTR-1 for persons having T.O of more than Rs.1.5 crores.

Notification No. 59/2017-Central Tax ,dt. 15-11-2017

Due date of GSTR-4 (July to Sep’17) extension for persons under composition to 24th Dec ’17

Notification No. 60/2017-Central Tax ,dt. 15-11-2017

Due date of GSTR-5 (July to Oct’17) extension for non -Resident taxable persons till 11th Dec 2017

Notification No. 61/2017-Central Tax ,dt. 15-11-2017

Due date of GSTR-5A (July to Oct’17) extension for OIDAR persons till 15th Dec 2017

Notification No. 62/2017-Central Tax ,dt. 15-11-2017

ISD – Due date of GSTR-6 for July 17 extended to 31/12/2017. For Aug,Sep and Oct will be notified.

Notification No. 63/2017-Central Tax ,dt. 15-11-2017

Return by a principal on transactions with the job worker in Form ITC-04. Due date extended to 31/12/2017

Notification No. 64/2017-Central Tax, dt. 15-11-2017

Late fee is limited to Rs.25/ per day for those who are liable to furnish Nil return from Oct 2017 on wards

Notification No. 65/2017-Central Tax, dt. 15-11-2017

Persons with less than Rs.20 L T.O need not take GST registration if he makes supplies through E commerce operators.

Notification No. 66/2017-Central Tax, dt. 15-11-2017

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.

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Company: Value Added Commercial Services / FWC
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Member Since: 03 May 2017 | Total Posts: 24
A commerce graduate with over 35 years in F&A of L&T Limited. Creation of Indirect Taxation Department for a corporate and trained the team. Significant contributor in saving tax on commercials. A Go-Getter and task master with a goal for a win-win situation to all the stake holders. Won in View Full Profile

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