GST Council issues recommendations
Source: The Sangai Express
Imphal, September 11 2017:
The GST Council has made several recommendations to facilitate the taxpayers in its 21st meeting held at Hyderabad on September 9 .
In view of the difficulties faced by taxpayers in filing returns, the Council approved some revised schedule namely GSTR-1 (tax period July, 2017) which due date has been revised to October 10 (2017), GSTR-2 (tax period July 2017) which due date has been revised to October 31(2017), GSTR-3 (tax period July 2017) due date revised to November 10 (2017), GSTR-4 (tax period July-September 2017) due date remain unchanged at October 18 (2017) and GSTR-6 (tax period July 2017) which due date has been revised to October 13 (2017) .
The Council recommended those under GSTR-4 not to be filled for the quarter July-September 2017 and stated that the requirement for filing GSTR-4A for this quarter is dispensed with .
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The Council also informed that the due dates for filing the above mentioned returns for subsequent periods would be notified at a later date .
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, will be given the option to avail composition till September 30 and such registered individual will be permitted to avail the benefit of composition scheme with effect from October 1 (2017) .
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 Jammu and Kashmir) and is liable for registration .
The Council also decided to allow exemption from registration to individuals making inter-State taxable supplies of handicraft goods upto aggregate turn over of Rs 20 lakh as long as the individual 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 .
According to the Council, a 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 Jammu and Kahsmir) and is liable for registration .
The Council decided to exempt the workers who are making inter-State taxable supply of job work service to a registered person, from obtaining registration, 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, the Council informed .
It explained that Form GST Tran-1 can be revised once and the due date for submission of the form has been extended by one month till October 31, 2017 .
The Council pointed out that registration for individuals liable for tax deduction at source (TDS) and collect tax at source (TCS), will commence from September 18, but the date from which TDS and TCS will be deducted or collected will be notified by the Council later .
The GST Council also decided to set up a committee consisting of officers from both the Centre and the State with the Revenue Secretary as the chairman, to examine issues related to exports .
The Council also decided to set up a Group of Ministers to monitor and resolve the IT challenges faced during GST implementation.