Key Takeaways from 22nd GST Council Meet

Businesses with annual turnover of upto INR 1.5 Crores

Quarterly filing of GSTR 1, 2 and 3 along with the payment of tax from 3rd Quarter of the Financial Year, i.e October to December 2017. GSTR 1,2 and 3 are to be filed monthly for the months of July, August and September. Till December, monthly filing of GSTR 3B is also required.

Need not pay GST at the time of receipt of advances for supply of goods.

Service providers

Exemption from GST Registration if the aggregate turnover is less than INR 20 Lacs (INR 10 Lacs in special category state except J&K) even if making inter-state supplies of services

TDS/TCS provisions postponed till 31st March 2018

Services provided by a GTA to unregistered persons exempted from GST

Composition scheme:

Eligibility raised to INR 1 crore except for special category state (Except J&K and Uttarakhand), which is increased to INR 75 Lacs from INR 50 Lacs

Businesses providing exempted services now eligible for composition scheme.

Reverse Charge Mechanism

Reverse charge mechanism applicable for purchases from unregistered dealers shall be suspended till 31st March 2018

E-Way Bill:

E-way bill system shall be rolled out nationwide from 1st April, 2018

Due Dates Extended:

Last date for filling GSTR-4 for 1st Quarter shall be extended to 15th November, 2017

Last date for filling GSTR-6 by ISD for the month of July, August and September, 2017 shall be extended to 15th November 2017

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