Changes in Return filling process:
The GST council has simplified return filling process till March, 2018. Due dates for filling GST returns are as under:
· All taxpayers would be required to file GSTR 3B along with payment of tax by 20th of the succeeding month till March, 2018.
· Taxpayers with annual Aggregate Turnover exceeding INR 1.5 crores are required to file GSTR 1 on monthly basis in the following manner:
|Tax period||Due date for filing GST Return in Form 1|
|July to October 2017||31st December, 2017|
|November, 2017||10th January, 2018|
|December, 2017||10th February, 2018|
|January, 2018||10th March, 2018|
|February, 2018||10th April, 2018|
|March, 2018||10th May, 2018|
Taxpayers with annual Aggregate Turnover up to INR 1.5 crores are required to file GSTR-1 on quarterly basis in the following manner:
|Period||Due date of filling GST Return in Form 1|
|July to September, 2017||31st December, 2017|
|October to December, 2017||15th February, 2018|
|January to March, 2018||30th April, 2018|
Council has deferred filling of GSTR-2 & GSTR-3 for the period July, 2017 to 31st March, 2018. The appropriate clarifications and process alongwith applicable dates for filing of GSTR-2 & GSTR-3 would be communicated by Government in due course.
Changes in Late Fee amount payable under GST law
• Council has waived-off late fee charges paid for the month of July, August & September for late filling of GSTR-3B and same would be re-credited to the Assessee’s Electronic Cash Ledger under “Tax” head instead of “Fee” head. However, assessee can adjust such amount towards future tax liabilities.
• From October, 2017 onwards, late fee charges for the taxpayer having tax liability for the particular month of ‘NIL’, would be INR 20/- per day (Rs 10 per day each under CGST & SGST Act) instead of Rs 200/- per day (Rs. 100/- per day each under CGST & SGST Act).
Extension of Due Dates - Council has extended due date for filling of various GST returns as under:
|GST ITC-04 for the quarter July-September,2017 for Job-work Details
||25th October, 2017||31st December, 2017|
|GSTR-4 for the quarter of July-September,2017 for Composition Dealers
||18th October, 2017||24th December, 2017|
|GSTR-5 for the month of July,2017 for Non-Resident Foreign Taxpayers
||20th August, 2017 or 7 days from the last registration, whichever is earlier
||11th December, 2017|
GSTR-5 A for the month of July,2017 (Online Information Database Access Retrieval Services)
|20th August, 2017||15th December, 2017|
|GSTR-6 for the month of July,2017 (ISD Return)||13th August, 2017||31st December, 2017|
Amendments in Tax Rates of Goods & Services:
Tax rate change in case of numerous goods and services has been proposed by GST Council. Some of the major and common goods & services are highlighted herein below:
GST Council in its meeting has substantially pruned rate of tax on 224 items taxable at the rate of 28/18/12% to 18/12/5% respectively. Some of the items along with amended GST rates are as under:
|Product List||Old Rate of GST||New Rate of GST|
|Furniture, sanitary items, primary cells and batteries, ceramic tiles of all kinds, Wrist watches & clocks, Office or door equipment, escalators, fire extinguishers, bull dozers, excavators and road rollers, earth moving and levelling machinery, perfumes & toilet waters, Malt extract and food preprations of flour, groats, meal, starch, etc.
|Pasta, printing Ink, hand and shopping bags of jute and cotton, parts of specified agricultural, horicultural, forestry, harvesting or threshing machinery, furniture wholly made of bamboo or cane, etc.
|Chutney Powder, flour of Potatoes put up in unit container bearing a brand name,etc.
|Finished leather, worn clothing and Narrow woven fabric including cotton newar(with no refund of unutilised ITC||12%||5%|
|Unworked coconut shell, khandsari Sugar, fish frozen or dried (not put up in unit container bearing brand name)
(For complete list of goods for which tax rates have been changed, please refer the attached document)
|Services||Old Rate||New Rate||Condition|
|Standalone Restaurant Services||18%||5%||ITC not eligible|
|Restaurants in Hotel Premises having room tariff upto INR. 7500/-||18%||5%||ITC not eligible|
|Restaurants in Hotel Premises having room tariff of INR 7500/- and above including outdoor catering services||18%||18%||NA|
Job work services in relation to manufacture of those handicraft goods in respect of which the casual taxable person has been exempted from obtaining registration vide Notification 8/2017–Integrated Tax dated 14-09-2017, would not be taxable at the rate of 5% with full ITC.
GST rate on permanent transfer of Intellectual property with respect to goods or services has been clearly divided into two broad categories. Permanent transfer of Intellectual Property in respect of Information Technology software would attract GST at the rate of 18 % whereas all other permanent transfer of Intellectual property would attract 12% rate of tax.