Pertaining to the plethora of intricacies and, commotions, which eloped along GST in India, it was high time for the government, to wake up from their slumber. After day-long deliberations, the GST council in its 22nd meeting, on 6th October 2017, held in New Delhi, took some key decisions to significantly reduce the compliance burden of small companies and traders.
Small and, medium companies are now allowed to file quarterly returns, a big relief from the hassles of filing GST returns every month. In addition, the council has expanded the scope of availing the composition scheme, and, the claim of tax refund, as in the case of exporters.
Moreover, the council, headed by Mr. Arun Jaitley, Finance Minister of India, slashed GST rates on over two dozen goods and services, which has emerged out as a sigh of relief from this dreaded oblivion of ambiguity.
Businesses with annual turnover of up to ₹1.5 Crores
- Businesses are now required to indulge in quarterly filing of GSTR -1, 2 and 3, in addition to the payment of tax from 3rd Quarter of the fiscal year, i.e. October 2017 to December 2017. In a nutshell, monthly returns are to be filed, for the months of July, August and, September, until December. However, businesses would also be required to furnish GSTR-3B return till December.
- Businesses are now exempted from the payment of GST at the time of receipt of advances for the supply of goods.
Exemptions for Service Providers
- Exemption from GST registration, if the aggregate turnover is less than ₹20 lakhs, even these service providers are involved in inter-state supplies of services.
- TDS/TCS provisions deferred till 31st March 2018.
- Services provided by the Goods and Transport Agency to, unregistered persons, are exempted from GST.
Update in Composition Scheme
- Except in the state of J&K, eligibility for availing composition scheme has been increased to ₹1 Crore.
- Businesses which provide exempted services are now eligible to apply for composition scheme.
- Reverse charge mechanism, applicable on purchases from unregistered dealers, stands suspended till 31st March 2018.
- E-way bill, set to be rolled out pan India, by April 2018.
- The last date for filing GSTR4, for the first quarter, is extended to 15th November 2017.
- Similarly, the last date of filing GSTR6, by ISD, is now extended till 15th November 2017.