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:
Continues till March 2018 – Due date as usual 20th of succeeding month.
– 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.
– 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
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