During the 22nd GST Council Meeting, many decisions have been taken to make the GST System simpler and more user-friendly. Some of the key decisions taken are like differing reverse charge till the end of April 2018, change in the reporting requirements for GST Taxpayers up to a turnover of Rs 1.5 Crs and increase in threshold limit for GST taxpayers from Rs 75 Lacs to Rs 100 Lacs. To make these effective, a series of notifications have been issued by the department on 13th Oct 2017, and the synopsis is given here for ease of understanding.
The last date for filing of FORM GST ITC-0 has been extended to 31st Oct 2017 for the taxpayers who have taken registration after crossing the threshold basis of Sub-section 1 of section 18 of the CGST Act.
The last date for filing of Return by the Input Service Distributor GSTR – 6 for the months of July, August & September by Input Service Distributor has been extended to 15th Nov 2017.
The last date for filing of Return by the services provided by Online Database Access and Retrieval Services (OIDAR) Services have to file GSTR – 5A for the months of July, August & September by Input Service Distributor has been extended to 20th Nov 2017.
The last date for filing of Return by the services provided by Online Database Access and Retrieval Services (OIDAR) Services have to file GSTR – 5A for the months of July, August & September is 20th Nov 2017.
A registered taxpayer under GST, who is the supplier of goods can pay taxes based on the rules to be notified for only those taxpayers and who are not receiving advances from customers and having a turnover or likely to be less than Rs 150 lacs as per the revised rules.
Officials from under SGST Act and UTGST Act are authorized to issue the refund as per provisions of Section 54 and 55 of the CGST Act 2017.
New items have been added to exempted for causal taxable persons from taking registration for the interstate supply of goods.
Reverse charge on inward supplies from unregistered taxpayers is exempted to all taxpayers till 31st March 2018, which amends the Notification No 8 dated 28th June for Rs 5,000 per day.
Ideally here the government must have followed the Malaysian GST model of entering only the accounting entries for the outward liability and input credit, this would help in tracking of such transactions and reduce the burden on the taxpayer from filing in returns and taking the input tax credit.
New items have been added to the exempted list of goods whereby making registration for the interstate supply of goods is not mandatory.
For interstate transactions registration under GST is not required if the persons turnover all India basis is less than Rs 20 lacs in case of regular states and Rs 10 lacs in case of special category states.
Officials from under CGST Act are authorized to issue the refund as per provisions of Section 54 and 55 of the CGST Act 2017.
Reverse charge on interstate supply goods or services by a registered taxable person from an unregistered taxable person is exempted till 31st March 2018.
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