Relief in GSTR compliance
All
businesses to file GSTR-1 and GSTR-3B till March 2018
GSTR-2
and GSTR-3 filing dates for July 2017 to March 2018 will be worked out later by
a Committee of Officers
GSTR 4
due date for July to September extended to 24th December 2017
Turnover
under Rs 1.5 Cr to file quarterly GSTR-1
Turnover
above Rs 1.5 Cr to file monthly GSTR-1
Changes in Composition Scheme
Composition
scheme limit to be increased to Rs 1.5 crore (can be extended to Rs 2 crore
later)
1 % GST
rate for manufacturers & traders
Composition
tax of 1% on turnover of taxable goods (turnover of exempted goods to be
excluded)
Composition
Returns, GSTR-4 due date extended to 24th December
Those
supplying goods and services (services not exceeding Rs 5 lakhs in total)
eligible for compositions scheme
Composition
dealers cannot make inter-state sales. Input tax benefit not allowed.
Relief for service providers
All
service providers with turnover up to Rs 20 lakhs exempt from GST registration.
Including those who supply inter-state or supply through e-commerce operator,
such service providers do not have to register.
Changes in GST Rates W.e.f. 15th Nov 2017
Only 5%
GST (instead of 12% & 18%) on food bills in restaurants 🍕
Reduced
from 28% to 18% - Shampoo, Perfume, tiles, watches ⌚️
Reduced
from 28% to 12% - Wet grinders, tanks
Reduced
from 18% to 12% - condensed milk, refined sugar, diabetic food
Reduced
from 12% to 5% - desiccated coconut, idli dosa batter, coir products 🍚
Reduced
from 5% to nil - guar meal, khandsari sugar, dried vegetables
Restaurants
within hotels (room tariff <7,500- 5% without ITC
Restaurants
within hotels (room tariff >7,500 ) still 18% with ITC
1 %
composition rate for manufacturers & traders
Outdoor
catering 18% with ITC
Late Fees reduced
For
delayed filing of NIL returns, late fee reduced from Rs 200 per day to Rs 20
per day
For Expert Assistance in GST Advisory, Filing, Training, Invoicing, Accounting call us at 9900397777 mail us at info@preethamandco.com
No comments:
Post a Comment