Relaxed deadlines for return filing
- Form GSTR 3B to continue till March 2018, with payment of tax by 20th of the succeeding month
- For filing GSTR 1 taxpayer would be divided into two categories :
- Taxpayers with annual aggregate turnover up to Rs. 1.5 crore need to file GSTR-1 on quarterly basis as per the following schedule :
Period Dates Jul-Sep 31st Dec 2017 Oct-Dec 15th Feb 2018 Jan-Mar 30th April 2018
- Taxpayers with annual aggregate turnover more than Rs. 1.5 crore need to file GSTR-1 on monthly basis as per following schedule :
Period Dates Jul- Oct 31st Dec 2017 Nov 10th Jan 2018 Dec 10th Feb 2018 Jan 10th Mar 2018 Feb 10th Apr 2018 Mar 10th May 2018
- The time period for filing GSTR-2 and GSTR-3 for the months of July, 2017 to March 2018 would be worked out by a Committee of Officers. However, filing of GSTR-1 will continue for the entire period without requiring filing of GSTR-2 & GSTR-3 for the previous month / period.
Reduced fines on late filing
- Fine for late returns has been slashed by 90% to a mere Rs. 20 per day from Rs. 200 per day for a taxpayer with nil liability.
- Late fine for not submitting the GSTR-3B within due dates for the months of July, August and September 2017 has been waived off
- All the late fee collected on late filing of FORM GSTR 3B will be re-credited to their electronic cash ledger under “Tax”
- From October 2017 onwards the amount of late fee on nil returns will be Rs.20 per day
Changes in rate Structure
- 178 Items shifted from 28% slab to lower slabs leaving apart sin goods and cess applicable goods.
- Restaurants to have no more input tax credit and the rate of tax is changed to 5%.But Restaurants in hotel premises having room tariff of Rs 7500 and above per unit per day (even for a single room) will attract GST of 18% with full ITC
- Outdoor catering – 18% with ITC.
Changes in composition scheme
- Manufacturers and traders would now operate at a standard rate of 1%
- Threshold for the composition scheme has been increased to Rs. 1.5 crores from the current limit of Rs. 1 crore
- Those supplying goods and services (services not exceeding Rs 5 lakhs in total) are eligible for compositions scheme
- Composition Returns, GSTR-4 due date extended to 24th December
Relief for service providers
All service providers having inter-state supply or supply through e-commerce operator are exempt from GST registration with turnover up to Rs 20 lakhs.
Other reliefs granted
- Export of services to Nepal and Bhutan are exempt from GST and have now been allowed to claim a refund of input tax credit paid if any
- TRAN-1 can be filed and revised till 31st December 2017. Revision to be done only once.
- Manual filing for Advance Ruling application to be introduced