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14 Oct 2017

Recent Changes in GST w.r.t. Reverse Charge, Composition Scheme, Registration, Returns etc

In line with the GST council meeting dated 06.10.2017, Central Government has issued numerous notifications and one order to rationalise the hardship and for the smooth implementation of the GST. Key highlights are as under:

  1. The reverse charge on all the supplies received by the registered person from unregistered person shall stand exempt till 31st day of March 2018.
  2. Supplier engaged in taxable supplies as well as exempted services shall not be treated as ineligible for composition scheme.
  3. Supplier having aggregate turnover up to Rs. 1 Cr can opt for composition scheme. Earlier this limit was Rs. 75 Lacs. For special category states turnover limit has been increased from Rs. 50 lakhs to Rs. 75 Lacs.
  4. The time limit for filling declaration in ITC-01 has been extended till 31st Oct, 2017.
  5. The time limit of filling GSTR 6 (ISD Return) for the month July, 2017; August, 2017 and September, 2017 has been extended till 15th Nov 2017.
  6. The time limit of filling GSTR 5A (Return of the person supplying online information and database access or retrieval services from a place outside India to a non-taxable online recipient) for the month July 2017, August 2017, and September 2017 has been extended till 20th Nov 2017.
  7. The time limit of filling GSTR 4 (return by composition dealer) for the quarter July, 2017 to September, 2017 has been extended till 15th Nov 2017.
  8. Supplier having turnover less than 1.5 Cr. shall not be liable to pay GST on Advances.
  9. The exemption from registration has been given to a service provider if the aggregate turnover is less than Rs. 20 Lacs (10 Lacs in special category state except for J&K) even if they are making inter-state supplies of services.
  10. A registered person supplying taxable as well as exempted goods or services or both to an unregistered person, can issue a single “invoice-cum-bill of supply” for all such supplies.
  11. Changes in rate of tax and exemption list (these changes will be shared in separate DYN).