- 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
Points Related To Reverse Charge Under GST as Per FAQ Issued
- There are two type of reverse charge scenarios provided in law. First is dependent on the nature of supply and/or nature of supplier. This scenario is covered by section 9 (3) of the CGST/ SGST (UTGST) Act and section 5 (3) of the IGST Act. Second scenario is covered by section 9 (4) of the CGST/SGST (UTGST) Act and section 5 (4) of the IGST Act where taxable supplies by any unregistered person to a registered person is covered.
- Any amount payable under reverse charge shall be paid by
1. ‘Carry forward’ of Input Tax Credit (ITC) as available on appointed day (i.e 1stJuly, 2017)
(I) Every registered person under GST is eligible to claim ITC against CENVAT credit carried forwarded in return pertaining for the period immediately preceeding appointed day(i.e on 30th June 2017) subject to satisfication of certain prescribed conditions:
- That amount of credit is admissible as ITC under GST also
- That all Returns for preceeding 6 months were filed under existing laws and alsoadmissible credit is reflected in last returns filed (i.e as on 30th June 2017)
(II) Electronic application … Read more