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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 X X X X Extracts X X X X X X X X Extracts X X X X ..... o 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 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 & GSTR-3 for the previous month / period. 4. Late fee for delay in filing of FORM GSTR 3B for the Mont ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h 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 filing of FORM GSTR 3B with NIL data for the Month of October 2017 and onwards will be ₹ 20 per day instead of ͅ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7; 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 Details 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2017 3 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 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 bot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h Trader & Manufacturer; 2. Supply of services by Composition taxpayer upto ₹ 5 lakh per annum will be allowed by exempting 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% ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... & 18%) on food bills in restaurants 2. Reduced from 28% to 18% - Shampoo, Perfume, Tiles, watches, 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Reduced from 12% to 5% - Fly Ash Brick, Desiccated coconut, Idli dosa batter, coir products 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tariff of ₹ 7500 and above and Outdoor Catering 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) permanen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t transfer of Intellectual Property 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 X X X X Extracts X X X X X X X X Extracts X X X X
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