Synopsis of GST Notifications released on 29th December 2017

CBEC has issued Notification No. 71 to 75/2017 – Central Tax on 29th December 2017 and extended due dates for the GSTR-1 return filing. The last date for filing for most of them is 31st Dec 2017.  In addition to that it notified applicable date of E-way bill rules and amended CGST Rules for the 14^th time after the rollout of GST.  A brief Synopsis of GST Notifications released on 29th December 2017 is as follows:-

Notification No. 71/2017 – Central Tax

The revised due date for filing of Form GSTR – 1 for the taxpayers with turnover less than Rs 1.50 cr.

Notification No. 72/2017 – Central Tax

The revised due date for filing of Form GSTR – 1 for the taxpayers with turnover more than Rs 1.50 cr.

Notification No. 73/2017 – Central Tax

The amount of late fee payable by a composition taxable person is Rs 25 per day after the due date where the tax payable is there, and in case of nil return, it is Rs 10 per day.

Notification No. 74/2017 – Central Tax

Wherever there is a movement of goods, and the value of the goods is above Rs 50,000 e-waybills are required in case of supply of goods and for reasons other than supply (job work, movement of material on returnable gate pass. Etc.,) is 1^st of February 2018. This replaces the existing issue of e-waybills notified by various states.

Notification No. 75/2017 – Central Tax

CGST Rules are amended for the 14^th time after the rollout of GST for smoother operations of the business and also add new provisions.

Form GST REG-10 – has been enabled for registration of person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered person.

FORM GSTR-11 – statement of inward supplies to filed by persons having Unique Identification Number, registration type.

FORM GST RFD-10 – has been notified for a taxable person having UIN to claim the refund on taxes paid on inward supplies.

Last Date To File Income Tax Return