GST News update 2nd week of September 2017

  1. The key highlights of GST council meeting held on 9th September, 2017 are:
    • Filing date of GSTR 1, 2 and 3 has been extended by GST council. The due date for GSTR 1 for a registered person with an aggregate turnover of more than Rs. 100 crores is 3rd October, 2017 and for others as prescribed below:

Forms

July, 2017

August, 2017

GSTR 1

10th October, 2017

Will be announced later

GSTR 2

11th - 31th October, 2017

Will be announced later

GSTR 3

1st - 10th November, 2017

Will be announced later


But we have to file GSTR 3B for the month of August, 2017 by 20th September, 2017.

  • The GST council has allowed the one-time revision of GST TRAN-1 and has also extended the due date for filing TRAN-1 to 31st October, 2017.
  • The GST council has also decided to continue the filing of GSTR 3B till December, 2017.
  • A registered person, whether migrated or new registrant can avail the option of composition scheme till 30th September, 2017 and such registered person shall be permitted to avail the benefit of composition scheme with effect from 1st October, 2017.
  • The Government has decided to allow the handicraft business to enjoy the threshold exemption for registration even in case of interstate supplies if the total turnover is within Rs. 20 lakhs limit. Further goods can move under the cover of e-way bill, irrespective of the value of the consignment.
  • The GST Council has decided to allow exemption to job worker from obtaining registration who are making interstate taxable supplies of Job work service to a registered person as long as goods move under the cover of an e-way bill, irrespective of the consignment value. Thus exemption will not be available to job work which do not require e-way bill.
  • The registration requirement for a person liable for deducting TDS and TCS will commence from 18th September 2017. The date from which TDS and TCS will be deducted or collected will be notified by the Council later.
  • The GST Council has decided to set up a committee consisting of officers from both Center and State under the chairmanship of the Revenue Secretary to examine / supervise exports related matters.
  • The GST Council has decided to constitute a group of ministers to monitor and resolve IT challenges faced during the GST implementation.
  1. The issue of avoidance of 5% GST on pulses, cereals and flours, put up in unit container and bearing a registered brand name, was also discussed by the GST Council. The GST Council recommended that the following amendments may be made to the existing Notifications, so as to provide that:
    1. A brand registered as on 15.05.2017 shall be deemed to be a registered brand for the purposes of levy of 5% GST, irrespective of whether or not such brand is subsequently deregistered.
    2. A brand registered as on 15.05.2017 under the Copyright Act, 1957 shall also be treated as a registered brand for the purposes of levy of 5% GST.
    3. A brand registered as on 15.05.2017 under any law for the time being in force in any other country shall also be deemed to be a registered brand for the purposes of levy of 5% GST.
    4. A mark or name in respect of which actionable claim is available shall be deemed to be a registered brand name for the purposes of levy of 5% GST.
  2. The GST council has recommended changes in GST rates for various goods which includes, inter alia, computer monitors upto 20” will attract GST rate of 18% instead of 28%. It may be noted that it will come into force from the date of issue of notification for the same.
  3. The GST Council also decided to increase the Compensation Cess on mid-size sedans (engine < 1500 cc) by 2%, on luxury cars (engine > 1500 cc) by 5% and on sport utility vehicles (length > 4m; engine > 1500 cc; ground clearance > 170 mm) by 7%. These will be added to the 15% cess charged on such vehicles over and above the GST rate of 28%.