GST Council Revises Schedule To Facilitate Filing Of Returns

In order to facilitate taxpayers in filing returns, the Goods and Service Tax Council, in its 21st meeting held recently in Hyderabad has recommended the following measures:In view of the difficulties being faced by taxpayers in filing returns, the following revised schedule has been approved: Further, GSTR-3B will continue to be filed for the months of August to December 2017. A registered person (whether migrated or new registrant), who could not opt for composition scheme, shall be given the option to avail composition till September 30, 2017, and such a registered person shall be permitted to avail the benefit of composition scheme with effect from October 1, 2017. Presently, any person making inter-state taxable supplies is not eligible for threshold exemption of Rs. 20 lakh (Rs. 10 lakh in special category states except J&K) and is liable for registration. It has been decided to allow an exemption from registration to persons making inter-state taxable supplies of handicraft goods upto aggregate turnover of Rs. 20 lakh as long as the person has a Permanent Account Number (PAN) and the goods move under the cover of an e-way bill, irrespective of the value of the consignment. Presently, a job worker making inter-state taxable supply of job work service is not eligible for threshold exemption of Rs. 20 lakh (Rs. 10 lakh in special category states except J&K) and is liable for registration. It has been decided to exempt those job workers from obtaining registration who are making inter-state taxable supply of job work service to a registered person as long as the goods move under the cover of an e-way bill, irrespective of the value of the consignment. This exemption will not be available to job work in relation to jewellery, goldsmiths’ and silversmiths’ wares as covered under Chapter 71, which do not require e-way bill. FORM GST TRAN-1 can be revised once. The due date for submission of FORM GST TRAN-1 has been extended by one month i.e. October 31, 2017. The registration for persons liable to deduct tax at source (TDS) and collect tax at source (TCS) will commence from September 18, 2017. However, the date from which TDS and TCS will be deducted or collected will be notified by the council later.The GST Council has also decided to set up a committee consisting of officers from both the Centre and the states under the chairmanship of the Revenue Secretary to examine the issues related to exports. Further, the council decided to constitute a group of ministers to monitor and resolve the IT challenges faced during GST implementation.

GST Council Revises Schedule To Facilitate Filing Of Returns

aasavri Rai

Tags