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Quote of the Day: "Greatness comes by doing a few small and smart things each and every day... it comes from taking little steps, consistently"

Sunday, 6 May 2018

27th GST Council Meet-Key Highlights

GST Return Simplification:
·         GSTR 1 and GSTR 3B will continue for the next 6 months.
·      New single-return plan will go live after 6 months. Thus, now it will be only 12 returns a year, instead of 36.
·   Post the new return going live, provisional credit can be claimed by the taxpayers in the transitional phase of 6 months.
·        The GSTN will show the buyer, invoices uploaded by the seller and thus buyer can check the gap between the credit claimed by him and actually allowed to him.
·         After 6 months of this transition period, if it is noticed that after uploading the invoices, the seller has not paid the tax amount to the government, GSTN has all the right to recover these taxes from the buyer. There will be no automatic reversal of credit from the buyer in these cases.
·         No provisional credit can be claimed after this 6-month transition period.
·         Nil return preparers and Composition dealers will file GST returns quarterly
Rates:
·      Sugar Cess implementation has been postponed. The government believes that there should be a better way to increase revenue for the benefit of the farmers.
·         Duties on Ethanol - Reduction in rate suggested.
·   A group of ministers expected to work on these two above mentioned points and make recommendations within two weeks.
For Expert Assistance in GST Advisory, Filing, Invoicing, Accounting call us at 9900397777 mail us at info@preethamandco.com

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