SBS-Design-of-I-8th-Edition

#8 10/17 SBS‘’UPDATESCOVERED:1.CertainUpdatesunderGST-22ndCouncil

CertainUpdatesunderGST -ContributedbyCASriHarsha&CAManindarBriefofUpdate: Thisupdate pertainsto pertainsto release ofpressrelease asa consequence of22nd GST CouncilMeetingatNew Delhi. Thehighlightsof22ndGSTCouncilmeetareasunder:CompositionScheme: 1.Thresholdforavailingcompositionschemehasbeenincreasedto1Crorefrom existing75 lakhs.Hence,alldealerswhoseaggregateturnoverintheprecedingyearislessthan1 crore,canoptforcompositiontill1Croreofturnoverfortheperiodended31.03.2018.The schemeshallbeavailabletonew andmigratedassesses. 2.Anypersonwhoisengagedinprovisionofexemptedserviceswasearliermadeineligible foroptingforcompositionscheme.However,theCouncilhasdecidedtoallow suchper- sonstooptforcompositioneventheyareprovidingexemptservices.Pleasenoteallother conditionsregardingeligibilityforcompositionhastobesatisfied.Registration&Returns: 3.AsperSection24,everypersonmakinginter-statetaxablesupplyhastoobtainregistrationir- respectiveofthefactthathisturnoverislessthanRs20lakhs.Now,reliefisprovidedbyex- emptingserviceprovidersfrom obtainingregistrationiftheyaremakinganyinter-statetax- ablesupplysubjecttoaconditionthathisaggregateturnoverdoesnotexceedsRs20lakhs. Please note thatthisbenefitisavailable onlyforservicesproviders.Personswho are en- gagedininter-statesupplyofgoodshavetoobtainregistrationirrespectiveofthefactthat histurnoverislessthanRs20lakhs. 4.PersonswhoseaggregateturnoverislessthanRs1.5crorehavebeenprovidedtofilequar- terlyreturnsandpaytaxonquarterlybasis.Thequarterlyreturnswillcomeintoeffectfrom Q3thatisOcttoDec17.Tillannounced,suchtaxpayershavetofileGSTR3BtillDecember. Forpriorperiods,GSTR-1,2&3hastobefiled.Taxpayerswhoarepurchasingfrom suchdeal- ersshallgetcreditonmonthlybasis.

ReverseChargeunderSection9(4): 5.Currentlypurchasesmade from unregistered dealersare subjected to reverse charge underSection9(4).Thesaidhasbeensuspendedtill31.03.18.Hence,thereshallbenore- versechargewhenpurchasedfrom unregistereddealerstill31.03.18.NoGSTonAdvancesforSmallDealers: 6.Currently,GSThastobepaidonreceiptofadvances.Inordertoremoveburdenforsmall taxpayers,dealerswhoarehavingturnoverlessthanRs1.5Croreareexemptedfrom payingGSTonreceiptofadvances.GSThastobepaidonlywhengoodsaresupplied. Pleasenotetheexemptionisnotavailabletoserviceproviders.Suchexemptionisgranted onlyfordealersengagedinsupplyofgoods.Othermeasures: 7.TDS/TCSprovisionsarepostponedtill31.03.18 8.E-waybillprovisionswillbeintroducedinstagedmannerwitheffectivefrom 01.01.18.Na- tion-widerolloutshallbefrom 01.04.18 9.DueDateforfilingofGSTR-6forISD formonthsofJuly,AugustandSeptembershallbeex- tendedto15.11.17 10.DueDateforfilingofGSTR-4forcompositiondealerforJulytoSept17shallbeextendedto 15.11.17.TheupdatesarecontributedbyCASriHarsha,CAManindarTheyarePartneratSBSandCompanyLLP.Reachthem [email protected] [email protected]

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