1. The composition scheme shall be made available to taxpayers having annual aggregate turnover of up to Rs. 1 crore as compared to the current turnover threshold of Rs. 75 lacs.
2. Persons who are otherwise eligible for composition scheme but are providing any exempt service (such as extending deposits to banks for which interest is being received) were being considered ineligible for the said scheme. It has been decided that such persons who are otherwise eligible for availing the composition scheme and are providing any exempt service, shall be eligible for the composition scheme.
3. It has now been decided to exempt those service providers whose annual aggregate turnover is less than Rs. 20 lacs from obtaining registration even if they are making inter-State taxable supplies of services.
4. For Regular Tax Payers having Annual aggregate turnover below 1.5 crores, shall be required to file quarterly returns in FORM GSTR-1,2 & 3 and pay taxes only on a quarterly basis, starting from the third quarter of this financial year i.e. October-December, 2017. The due dates for filing the quarterly returns for such taxpayers shall be announced in due course.
5. Meanwhile, all taxpayers will be required to file FORM GSTR-3B on a monthly basis till December, 2017.
6. The due dates for the months of August and September, 2017 GSTR 1,2 & 3 will be announced in due course.
7. The reverse charge mechanism under sub-section (4) of section 9 of the CGST Act, 2017 and under subsection (4) of section 5 of the IGST Act, 2017 shall be suspended till 31.03.2018.
8. The due date for filing GSTR 4 (composition dealers) of July-September 2017 is extended to 15th November 2017. Point to be noted-The payment of GST Liability is to be done by 20th October 2017.
9. Invoice Rules are being modified to provide relief to certain classes of registered persons.
10. The E-way bill
will be effective from 01.04.2018.
11. The taxpayers having annual aggregate turnover up to Rs. 1.5 crores will not be required to pay GST at the time of receipt of advances on account of supply of goods.
12. The registration and operationalization of TDS/TCS provisions postponed till 31.03.2018.