TaxTMI 
TaxTMI 
TaxTMI 
I The return filing process is to be further simplified in the following manner:
1. FORM GSTR 3B to be filed every month by ALL TAXPAYERS by 20th of the succeeding month till March, 2018;
2. FORM GSTR 1 to be filed to be filed in following manner till March, 2018 by taxpayer having:
a. Annual Aggregate T/O upto 1.5 Crore - QUARTERLY basis:
Period | Dates |
Jul- Sep | 31st Dec 2017 |
Oct- Dec | 15th Feb 2018 |
Jan- Mar | 30th April 2018 |
b. Annual Aggregate T/O more than 1.5 Crore - MONTHLY basis:
Period | Dates |
July - October | 31st Dec 2017 |
November | 10th Jan 2018 |
December | 10th Feb 2018 |
January | 10th Mar 2018 |
February | 10th Apr 2018 |
March | 10th May 2018 |
3. Filing of FORM GSTR-2 and FORM GSTR-3 for the period of July, 2017 to March 2018 would be worked out by a Committee of Officers. However, filing of GSTR-1 will continue for the entire period as mentioned above without requiring filing of GSTR-2 & GSTR-3 for the previous month / period.
4. Late fee for delay in filing of FORM GSTR 3B for the Month of July, August & September 2017 was waived. For the assessee who had already paid the late fee, it shall be re-credited in their cash ledger as 'TAX' instead of 'fee' so that it can be used to discharge their future tax liabilities;
5. Late fee for delay in filing of FORM GSTR 3B with NIL data for the Month of October 2017 and onwards will be ₹ 20 per day instead of ₹ 200 per day;
6. Export of services to Nepal and Bhutan are exempt from GST and have now been allowed to claim a refund of input tax credit paid, if any.
7. Extension of following due dates:
Sl | FORM and Details | Original due date | Revised due date |
1 | GST ITC-04 for the quarter July-September, 2017 | 25.10.2017 | 31.12.2017 |
2 | GSTR-4 for the quarter July- September, 2017 | 18.10.2017 | 24.12.2017 |
3 | GSTR-5 for July, 2017 | 20.08.2017 or 7 days from the last date of registration whichever is earlier | 11.12.2017 |
4 | GSTR-5A for July, 2017 | 20.08.2017 | 15.12.2017 |
5 | GSTR-6 for July, 2017 | 13.08.2017 | 31.12.2017 |
6 | 30.09.2017 | 31.12.2017 (One-time option of revision also to be given till this date) |
II Changes recommended in Composition Scheme
1. Uniform Tax rate of 1% for both Trader & Manufacturer;
2. Supply of services by Composition taxpayer upto ₹ 5 lakh per annum will be allowed by exempting the same (Eg. Trader getting Income from Interest / Commission / Rent );
3. Composition scheme limit to be increased to ₹ 1.5 crore (can be extended to ₹ 2 crore later);
III Changes in GST Rates of Good W.e.f. 15th Nov 2017
1. Only 5% GST (instead of 12% & 18%) on food bills in restaurants
2. Reduced from 28% to 18% - Shampoo, Perfume, Tiles, watches, Furniture, Mattress, Sanitary ware etc
️3. Reduced from 28% to 12% - Wet grinders, tanks
4. Reduced from 18% to 12% - condensed milk, refined sugar, diabetic food, Medical Oxygen
5. Reduced from 18% to 5% - Chutney Powder, Fly Ash, Fly ash aggregate with 90% or more fly ash content
6. Reduced from 12% to 5% - Fly Ash Brick, Desiccated coconut, Idli dosa batter, coir products
7. Reduced from 5% to nil - guar meal, khandsari sugar, dried vegetables
IV Changes in GST Rates of Service W.e.f. 15th Nov 2017
1. Standalone Restaurant and Restaurants in hotel premises having room tariff < ₹ 7500 will attract GST of 5% without ITC.
2. Restaurants in hotel premises having room tariff of ₹ 7500 and above and Outdoor Catering will attract GST of 18% with ITC
3. In order to obviate dispute and litigation, it is proposed that irrespective of whether permanent transfer of Intellectual Property is a supply of goods or service.-
(i) permanent transfer of Intellectual Property other than Information Technology software attracts GST at the rate of 12%; and
(ii) permanent transfer of Intellectual Property in respect of Information Technology software attracts GST at the rate of 18%.
I hope you find the same helpful.
With warm regards,
CA. Ashwarya Agarwal,
Rourkela