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TMI BlogRecommendations made by the GST Council in the 23rd meeting at Guwahati on 10th November, 2017X X X X Extracts X X X X X X X X Extracts X X X X ..... Recommendations made by the GST Council in the 23rd meeting at Guwahati on 10th November, 2017 - By: - Ashwarya Agarwal - Goods and Services Tax - GST - Dated:- 14-11-2017 - - I The return filing process is to be further simplified in the following manner: 1. FORM GSTR 3B to be filed every month by ALL TAXPAYERS by 20th of the succeeding month till March, 2018 ; 2. FOR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... M GSTR 1 to be filed to be filed in following manner till March, 2018 by taxpayer having: a. Annual Aggregate T/O upto 1.5 Crore - QUARTERLY basis : Period Dates Jul- Sep 31st Dec 2017 Oct- Dec 15th Feb 2018 Jan- Mar 30th April ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2018 b. Annual Aggregate T/O more than 1.5 Crore - MONTHLY basis : Period Dates July - October 31st Dec 2017 November 10th Jan 2018 December 10th Feb 2018 January 10th Mar 2018 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... February 10th Apr 2018 March 10th May 2018 3. Filing of FORM GSTR-2 and FORM GSTR-3 for the period 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 as mentioned above without requiring filing of GSTR-2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... GSTR-3 for the previous month / period. 4. Late fee for delay in filing of FORM GSTR 3B for the Month of July, August September 2017 was waived. For the assessee who had already paid the late fee, it shall be re-credited in their cash ledger as 'TAX' instead of 'fee' so that it can be used to discharge their future tax liabilities; 5. Late fee for delay in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filing of FORM GSTR 3B with NIL data for the Month of October 2017 and onwards will be ₹ 20 per day instead of ₹ 200 per day; 6. 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. 7. Extension of following due dates : Sl FORM and Det ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ails Original due date Revised due date 1 GST ITC-04 for the quarter July-September, 2017 25.10.2017 31.12.2017 2 GSTR-4 for the quarter July- September, 2017 18.10.2017 24.12.2017 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... GSTR-5 for July, 2017 20.08.2017 or 7 days from the last date of registration whichever is earlier 11.12.2017 4 GSTR-5A for July, 2017 20.08.2017 15.12.2017 5 GSTR-6 for July, 2017 13.08.2017 31.12.2017 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6 TRAN-1 30.09.2017 31.12.2017 (One-time option of revision also to be given till this date) II Changes recommended in Composition Scheme 1. Uniform Tax rate of 1% for both Trader Manufacturer ; 2. Supply of services by Composition taxpayer upto ₹ 5 lakh per annum will be allowed by e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xempting the same (Eg. Trader getting Income from Interest / Commission / Rent ); 3. Composition scheme limit to be increased to ₹ 1.5 crore (can be extended to ₹ 2 crore later); III Changes in GST Rates of Good W.e.f. 15th Nov 2017 1. Only 5% GST (instead of 12% 18%) on food bills in restaurants 2. Reduced from 28% to 18% - Shampoo, Perfume, Tiles, w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... atches, Furniture, Mattress, Sanitary ware etc ️3. Reduced from 28% to 12% - Wet grinders, tanks 4. Reduced from 18% to 12% - condensed milk, refined sugar, diabetic food, Medical Oxygen 5. Reduced from 18% to 5% - Chutney Powder, Fly Ash, Fly ash aggregate with 90% or more fly ash content 6. Reduced from 12% to 5% - Fly Ash Brick, Desiccated coconut, Idli dosa batter, coir pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oducts 7. Reduced from 5% to nil - guar meal, khandsari sugar, dried vegetables IV Changes in GST Rates of Service W.e.f. 15th Nov 2017 1. Standalone Restaurant and Restaurants in hotel premises having room tariff ₹ 7500 will attract GST of 5% without ITC . 2. Restaurants in hotel premises having room tariff of ₹ 7500 and above and Outdoor Catering ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... will attract GST of 18% with ITC 3. In order to obviate dispute and litigation, it is proposed that irrespective of whether permanent transfer of Intellectual Property is a supply of goods or service.- (i) permanent transfer of Intellectual Property other than Information Technology software attracts GST at the rate of 12%; and (ii) permanent transfer of Intellectual Property ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in respect of Information Technology software attracts GST at the rate of 18%. I hope you find the same helpful. With warm regards, CA. Ashwarya Agarwal , Rourkela - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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