Govt Prescribes Method for Payment of Tax on issuance of Invoice by Registered Persons having Turn Over less than Rs 1.5 crores

Govt Prescribes Method for Payment of Tax on issuance of Invoice by Registered Persons having Turn Over less than Rs 1.5 crores

GST-Invoice

The Central Board of Excise and Customs (CBEC) today notified the method for making payment of tax on issuance of invoice by registered persons having aggregate turnover less than Rs 1.5 crores under the new GST regime.

The 22nd meeting of the GST Council had made several decisions in favour of small traders. To facilitate the ease of payment and return filing for small and medium businesses with annual aggregate turnover up to Rs. 1.5 crores, it has been decided that such taxpayers shall be required to file quarterly returns in FORM GSTR-1,2 & 3 and pay taxes only on a quarterly basis, starting from the third quarter of this financial year i.e. October-December, 2017. The registered buyers from such small taxpayers would be eligible to avail ITC on a monthly basis. The due dates for filing the quarterly returns for such taxpayers shall be announced in due course. Meanwhile, all taxpayers will be required to file FORM GSTR-3B on a monthly basis till December, 2017.

The present Notification provided that the registered person whose aggregate turnover in the preceding financial year did not exceed one crore and fifty lakh rupees or the registered person whose aggregate turnover in the year in which such person has obtained registration is likely to be less than one crore and fifty lakh rupees and who did not opt for the composition levy under section 10 of the said Act as the class of persons who shall pay the central tax on the outward supply of goods at the time of supply as specified in clause (a) of sub-section (2) of section 12 of the said Act including in the situations attracting the provisions of section 14 of the said Act, and shall accordingly furnish the details and returns as mentioned in Chapter IX of the said Act and the rules made thereunder and the period prescribed for the payment of tax by such class of registered persons shall be such as specified in the said Act.

DOWNLOAD the full text of the Notification below.

DOWNLOAD NOTIFICATION

 

Advertisements

Govt Defers Reverse Charge Mechanism under GST till 31st March

Govt Defers Reverse Charge Mechanism under GST till 31st March

Reverse-Charge-Mechanism

The Central Government, today notified that the implementation of provisions relating to reverse charge mechanism will be applicable from 1st April 2018.

The last GST Council meeting held at New Delhi had decided to suspend the reverse charge mechanism under sub-section (4) of section 9 of the CGST Act, 2017 and under subsection (4) of section 5 of the IGST Act, 2017 till 31.03.2018 and will be reviewed by a committee of experts. This will benefit small businesses and substantially reduce compliance costs.

The Notification issued today exempts the inter-State supply of goods or services or both received by a registered person from any supplier, who is not registered, from the whole of the integrated tax leviable thereon under sub-section (4) of section 5 of the said Integrated GST Act till the 31st day of March, 2018.

Govt Extends Timelimit for Filing ITC-01 to 31st October

Govt Extends Timelimit for Filing ITC-01 to 31st October

gst-input-tax-credit

The Central Government, today notified the extension of time limit for making declaration GST ITC-01 to avail Input Tax Credit till the 31st day of October 2017.

As per section 18 of the Central GST Act, a person who has registered with the Act shall be entitled to take credit of input tax in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on the day immediately preceding the date from which he becomes liable to pay tax under the provisions of this Act.

DOWNLOAD the full text of the Notification below.

DOWNLOAD NOTIFICATION

Due Date for Filing Returns by Input Service Distributor Again Extended

Due Date for Filing Returns by Input Service Distributor Again Extended

GSTR-6

The Central Government, today day, once again extended the due date for filing of returns for the month of July, August and September by Input Service Distributor to 15th November.

Earlier, the Input Service Distributor were allowed to file July returns till 8th September. This was again extended to 13th October 2017.

Input Service Distributor under GST Model includes an office of the supplier of goods and / or services which receives tax invoices issued by supplier towards receipt of input services and/or goods and issues a prescribed document for the purposes of distributing the credit of CGST (SGST in State Acts) and / or IGST paid on the said services to a supplier of taxable goods and / or services having same PAN. Separate registration number is required for this application.

An ISD is required to furnish details of invoices in form GSTR-6 through the GST portal. Every Input Service Distributor shall, after adding, correcting or deleting the details contained in FORM GSTR-6A, furnish electronically a return in FORM GSTR-6. This return will contain details of tax invoices on which credit has been received. GSTR-6 needs to be furnished by 15th of the month succeeding the tax period.

DOWNLOAD the full text of the Notification below.

DOWNLOAD NOTIFICATION