GST News update 4th week of September 2017

  1. CBEC vide Notification No. 31/2017- Central Tax dated 11th September, 2017 extended the time limit for filing GSTR 6 by an Input Service Distributor for the month of July, 2017 up to 13th October, 2017. The extension of the time limit for filing GSTR 6 for the month of August, 2017 shall be notified subsequently in the official gazette.
  2. CBEC vide Notification No. 32/2017- Central Tax dated 15th September, 2017 granted exemption to a Casual Taxable Person making taxable supplies of handicraft goods from the requirement to obtain registration under GST. Causable Taxable Person shall obtain a PAN and generate an e-way bill in accordance with CGST Rules, 2017. The above exemption shall be available to such persons who are making inter-state taxable supplies of handicraft goods and are availing the benefit of Notification No. 8/2017- Integrated Tax dated 14th September, 2017.
  3. CBEC vide Notification No. 33/2017- Central Tax dated 15th September, 2017 notified the section 51 of the CGST Act, 2017 for TDS. Provided that the persons specified under section 51 shall be liable to deduct tax at the rate of 2% from the payment made or credited to the supplier of taxable goods or services or both with effect from a date to be notified subsequently, on the recommendations of the Council, by the Central Government. For the purpose of deducting tax @2%, the value excluding GST and cess shall be considered.
  4. CBEC issues Notification No. 34/2017- Central Tax dated 15th September, 2017 whereby central government makes Seventh Amendment Rules, 2017 to amend the CGST Rules, 2017. The said rules shall come into force on the date of their publication in the Official Gazette. The key highlights of said notification are:
    1. A migrated taxpayer or a person who has obtained fresh registration under the act (other than person required to deduct TDS or collect TCS or person providing OIDAR) may opt to pay tax under section 10 (i.e. under composition scheme) with effect from 1st October, 2017 by electronically filing an intimation in FORM GST CMP-02 on or before 30th September, 2017. The person opting for such scheme shall be required to furnish the statement in FORM GST ITC-03 to reverse the input tax credit for the inputs held in stock and for the semi-finished and finished goods held in stock, within 90 days from the said date (i.e. 29th December, 2017). Provided the said persons shall not be required to furnish the declaration in FORM GST TRAN-1 since he will not be eligible for claiming any transitional credit.
    2. Every registered person who has submitted a declaration electronically in FORM GST TRAN-1 may revise such declaration once and submit the revised declaration in FORM GST TRAN-1 by 31st October, 2017.
    3. In the principal rules, in rule 138, in sub-rule (1), the following provisos shall be inserted, namely:- “Provided that where goods are sent by a principal located in one State to a job worker located in any other State, the e-way bill shall be generated by the principal irrespective of the value of the consignment. Provided further that where handicraft goods are transported from one State to another by a person who has been exempted from the requirement of obtaining registration under clauses (i) and (ii) of section 24, the e-way bill shall be generated by the said person irrespective of the value of the consignment.
    4. A registered person, who was engaged in the manufacture of taxable as well as exempted goods under the Central Excise Act, 1944 or was providing taxable as well as exempted services under the Finance Act, 1994, but are liable to tax under GST, shall be entitled to take CENVAT credit through filing TRAN-1 by 31st October, 2017 in Serial No. 5(a). 
    5. In case of Input Service, CENVAT credit availed under the erstwhile law has been reversed due to non-payment of the consideration within a period of 3 months, such credit can be reclaimed under TRAN-1 in column 6 of table 5, provided that the registered person has made the payment of the consideration for that supply of services till 30th September, 2017.
    6. In case of import of goods, where the  e-way bill is required to be generated for delivery of goods, the details of bill of entry shall be entered in place of invoice.
  5. CBEC vide Notification No. 35/2017- Central Tax dated 15th September, 2017 extended the due date for filing GSTR 3B for the months of August, 2017 to December, 2017:

Month

Due date

August, 2017

 

20th September, 2017

September, 2017

 

20th October, 2017

October, 2017

 

20th November, 2017

November, 2017

 

20th December, 2017

December, 2017

 

20th January, 2018