GST Council meeting updates tax rate cut on 178 items applicable 15 nov
178 items to be moved from 28% to 18 % category
All taxpayers are required to file monthly,
return on Form GSTR–3B along,
with payment of tax by 20thof the succeeding month till March 2018.
Taxpayers whose annual aggregate turnover,
is up to Rs. 1.5 crores are required to file GSTR-1 on the quarterly basis.
A. For the period of July to September 2017 – December 31, 2017
B. For the period from October to December 2017–February 15, 2018
C. For the period of January to March, 2018- April 30, 2018
Taxpayers whose annual aggregate turnover is above
Rs. 1.5 crores are required to file GSTR-1 on monthly basis.
A. For the period of July to October, 2017–December 31, 2017
B. For November, 2017 – January 10, 2018
C. For December, 2017 – February 10, 2018
D. For January, 2018 – March 10, 2018
E. For February, 2018 – April 10, 2018
F. For March, 2018 – May 10, 2018
The time period for filing GSTR-2 and GSTR-3,
for the month of July, 2017 to March 2018.
would be worked out by a Committee,
of Officers and till then taxpayers.
will not be required to file GSTR-2 and GSTR-3
Late fees paid by taxpayers for –3B for month of July, August,
and September has been waived and the same will be re-credited,
to their Electronic Cash Ledger under “Tax” head instead of “Fee” head.
From October 2017 on wards, the amount of late fee payable,
by a taxpayer shall be Rs. 20 per day,
if tax liability for the month is ‘Nil’ (Rs.10 per day each under CGST and SGST Acts).
It has been decided to exempt suppliers providing services.
through e-commerce platform from obtaining compulsory registration,
if their aggregate turnover does not exceed Rs. 20 lakhs.
The due date of TRAN-1 has been extended to December 31,2017.
and due date for filing of GSTR-4 for the quarter July- September,
2017 has been extended to December 24, 2017.
All restaurants in the country to be levied GST of 5%,,
no ITC benefit to any restaurant
28% GST now only on 50 items