- Annual aggregate turnover for availing composition scheme increased to 1 Cr. (Special category states-75Lacs except J&K and UK)
- Composition scheme can be availed till 31.03.2018 by both- migrated and new tax payers.
- Persons providing exempt services but otherwise eligible for Composition Scheme can now avail the benefit.
- Relief from getting registered, if turnover less than 20 Lacs and dealer involved in inter-state taxable supplies.
- Quarterly returns (GSTR-1,2&3) from third quarter (Oct-Dec 2017) if turnover up to 1.5 Cr with quarterly payment of taxes from Quarter 4.
- GSTR-3B to be filed monthly till Dec 2017.
- Reverse Charge Mechanism on supply from
Let’s look at the critical provisions of the GST law which have enabled reverse charge mechanism :-
Compulsory Reverse Charge even if the supplier is registered –
Sec 9(3) The Government may, on the recommendations of the Council, by notification, specify categories of supply of goods or services or both, the tax on which shall be paid on reverse charge basis by the recipient of such goods or services or both and all the provisions of this Act shall apply to such recipient as if he is the person liable for paying the tax in relation to the supply of … Read more