Vivek Nahadia CA, CS, (LLB)
1. All businesses to file GSTR-1 and GSTR-3B till March 2018. GSTR-2 and GSTR-3 due dates will be notified soon.
RELIEF IN GST RETURNS COMPLIANCE:
2. GSTR-3B
Filing:
Continues till March 2018 – Due date as usual 20th of succeeding month.
Late Fee:
– July to September: Waived for GSTR-3B – will be credited to Electronic Cash Ledger under “Tax Head”.
3. GSTR-1 Due Dates:
(i) Annual aggregate turnover up to Rs. 1.5 crore – Quarterly Returns
| Jul- Sep | 31st Dec 2017 |
| Oct- Dec | 15th Feb 2018 |
| Jan- Mar | 30th April 2018 |
(ii) Annual aggregate turnover more than Rs. 1.5 crore – Monthly Returns
| Jul- Oct (Every month) | 31st Dec 2017 |
| Nov | 10th Jan 2018 |
| Dec | 10th Feb 2018 |
| Jan | 10th Mar 2018 |
| Feb | 10th Apr 2018 |
| Mar | 10th May 2018 |
4. GSTR-2 and GSTR-3:
– Till March 2018 will be notified soon
5. Other Due Dates which got extended:
| (i) | GST ITC – 04 (July – Sept) | 31st December, 2017 |
| (ii) | GSTR- 4 (July – Sept) | 24th December, 2017 |
| (iii) | GSTR-5 (for Non Resident) | 15th Dec 2017 |
| (iv) | GSTR-6 (for ISD) | 31st Dec 2017 |
| (v) | Tran – 1 | 31st Dec 2017 |
6. Late Fess for GST Returns
October 2017 on-wards:
Tax Liability – NIL: Rs. 20/- per day
Tax Liability – OTHERS: Rs. 50/- per day
7. Changes in Composition Scheme
– Composition scheme limit to be increased to Rs 1.5 crore (can be extended to Rs 2 crore later).
– GST rate of 1% for manufacturers & traders
– Composition tax of 1% on turnover of taxable goods (turnover of exempted goods to be excluded)
– Those supplying goods and services (services not exceeding Rs 5 lakhs in total) eligible for compositions scheme
– Composition Returns, GSTR-4 due date extended to 24th December
8. Relief for service providers
All service providers with turnover up to Rs. 20 lakhs exempt from GST registration. Including those who supply inter-state or supply through e-commerce operator, such service providers do not have to register.
9. Restaurants
– GST rate cut to 5% with no input tax credit.
10. GST Rates: – Major Changes in GST Rate. You can check the same at Change in Rate of GST- Item wise & Chapter wise List of Goods
(The author can be reached at haa.vivek@gmail.com)
Author Bio
Whether a person exporting services less than 20 Lacs also covered under exemption from registration?