The 23rd meeting of Goods and Services Tax (GST) Council has made certain amendments in the date on November 10, 2017.
They are as under:
1. All restaurants will charge GST at 5% without any Input Tax Credit (ITC).
2. GST on outdoor catering will be charged at 18% with ITC.
3. Restaurants in Hotel will be charged at 5% without ITC (except hotels with room tariff of Rs. 7500/- and above where tax will be charged at 18% with ITC).
4. GSTR-3B will be filed until March 2018.
5. GSTR-3B will be simplified for Taxpayer having no tax liability.
6. Only GSTR-1 will be filed in Financial Year (FY) 2017-18.
7. A taxpayer having a turnover of up to Rs. 1.5 Crore will file
•July to September: December 31, 2017
•October to December: February 15, 2018
•January to March: April 30, 2018
8. Time limit for filing GSTR-1 for another taxpayer will be as under:
•July to October: December 31, 2018
•November: January 10
•December: February 10
•January: March 10
•February: April 10
•March: May 10
9. The taxpayer needs to file invoice detail wise.
10. Penalty on late filing: Rs. 20 per day (where there is NIL return filed) and Rs. 50 per day (for another taxpayer). Rs. 20 and Rs. 50 is inclusive of both State and Central penalty.
11. GSTR ITC-04 for July-September quarter can be submitted up to December 31, 2017.
12. GSTR-4 (Quarterly return of Composition Dealer) can be filed till December 24, 2017.
13. Trans-1 can be filed up to December 31, 2017.
14. For Composition taxpayer, there will be 1% rate for both trader and manufacturer.
15. Composition taxpayer can provide services up to Rs. 5Lakh.
16. Composition Scheme limit will be increased to Rs. 1.5 Crore subject to amendment of law by the parliament (threshold in law will be increased to Rs. 2 Crore).
17. Composition taxpayer will pay tax at 1% only on taxable supply and not on the aggregate turnover(i.e. exempt supply will be excluded).